Goods sold to m. R ram rs 200000 cheque recieve by him 20%
Answers
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
Ram A/c - Personal A/c , where ram receiver of goods and hes s debtor therefore its debited
Bank A/c - personal A/c , where the banker receiver of cash therefore its debited
Sales A/c - nominal A/c - where its income to the company therefore its credited
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Journal entry
Bank A/c DR 40,000
Ram A/c Dr 1,60,000
To sales A/c 2,00,000
(being sales made)
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
---------------------------------------------------------------------------------------------------------------
reason for debit and credit
Ram A/c - Personal A/c , where ram receiver of goods and hes s debtor therefore its debited
Cash A/c - real A/c , where money comes to the company therefore its debited
Sales A/c - nominal A/c - where its income to the company therefore its credited
.--------------------------------------------------------------------------------------------------------------
Journal entry
Cash A/c DR 40,000
Ram A/c Dr 1,60,000
To sales A/c 2,00,000
(being sales made)
Mr. Ram. A/C. Dr. Rs.1,60,000 Bank A/C Rs.40,000 To Sales A/C. Rs.2,00,000 (Being goods sold to Mr.Ram)