Question

Interest received journal entry

Answer 1

The Entry is explained below. Hope this will help you.

Explanation:

Interest receive is our income and we credit our income as the nominal account rule says credit all income and gains.

The journal entry for the interest received will be :

Cash A/c Dr.

  To Interest received A/c

Here we debited the cash account as we have received the interest in cash. Interest received account is credited as it is our income.

Answer 2

Journal entry

Explanation:

                                  Books of (----Limited)

                                      Journal Entry

Date         Account Title and Explanation       Debit   Credit

               Cash / Bank                          A/c Dr.     xxx

                To Interest received A/c                         xxx

                   (Being commission received in cash or bank)

Note: Interest received is a profit for the firm, According to the golden rule of journal all gain must be credited.

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