Question

goods sold for rs 50000 and the amount was deposited into the bank​

Answer 1

Answer:

3 golden rules

• debit the receiver , credit the giver

• debit what comes in , credit what goes out

• debit all the expenses and losses , credit all the incomes and gains

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Reason for debit and credit

Cash A/c -real A/c , where cash goes out of the business , therefore credited

BAnk A/c - personal A/c - wheres the bank is receiver ,whos receives cash therefore its debited.

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Journal entry

Bank A/c Dr 50000

To Cash A/c 50000

(being cash paid to bank )

Explanation:

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