Question

interest received from bank rupees 559

Answer 1

Cash a/c dr.     To interest received a/c Becoz according to third rule income always credited

Answer 2

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

Interest Received A/c - nominal A/c , its indirect income to the company , therefore its credited  

Bank A/c - Personal  A/c , in this case money increase in our account .it will be added to our account , therefore its debited

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Journal entry

Bank A/c   Dr    559

       To Interest received A/c    559

(being interest received from bank)