Question

jounalise the following transaction of received cheque from ram as loan 50000​

Answer 1

Explanation:

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Answer 2

The transaction provided to us ' Recieved cheque from Ram as a loan ' requires to be journalized. The journal entry will be:

Loan a/c Dr.  $50000$

To Ram a/c                  $50000$

• Journalization of accounts is required to be carried out on the basis of the golden rules of accounts.
• An amount of money in the form of a loan is entering the premises of the organization.
• According to the golden rules of accounts, we are required to debit what comes in so the loan account will be debited.
• The person providing the loan to the organization is considered to be a creditor of the organization.
• According to the golden rule of accounts, we are required to credit the giver so Ram's account has been credited.
• Therefore the required transaction will be journalized as

         Loan a/c Dr.  $50000$

          To Ram a/c                  $50000$              

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