Question

Cheque received from customer amounting to Rs 75000

Answer 1

jounal entry with dual aspect

Explanation:

Basic rule of accounts

1. Increase in asset (debit)

2. Decrease in asset (credit)

Cheque received from customer

Under above there are 2 aspect come

1. Cheque Received that means Bank is increased and Increase in Asset means Debit result so, Bank is debit in this enty

2. Customer giving cheque that means he paid his liability

customer are our Debtor and he paid his balance amount

means Debtor is decreased  and debtor is our Asset

and Decrease is Asset result in (credit) so, debtor is credit

the entry will be

Journal

Particulars                                             DR.(Amount)       CR.(Amount)

Bank   A/C                                                   75000

      To Debtor  A/C                                                                75000

(Being Cheque received from customer amounting to Rs 75000 )

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