Question

journal entry for "advanced to Kumar as loan rs 500​

Answer 1

heyaa,,,

________________________________

Kumar Dr 500 .

to cash a/c 500.

(being rs. 500 advanced to kumar.)

________________________________

Answer 2

Answer:

Kumar Account  will be debited with Rs 500                                        

And cash Account will be credited by Rs  500

Explanation:

The journal entry for "advanced to Kumar as loan rs 500​" will be:

Kumar Account      Dr.                                                               500    

To cash Account                                                                                   500

( Being 500 rupees advanced to Kumar)

• Journal is a book in which monetary transactions are noted down for the first time in chronological order.
• The word Jour in Journal is derived from the French word which means diary.
• A journal is a daily record book in which daily transactions are recorded for the first time.
• A journal records both debit and credit aspects of transactions according to the double entry system.
• It provides a basis for posting into the ledger.
• The transactions are recorded on a permanent basis which acts as evidence in case of emergency.
• Each entry in the journal is followed by a brief explanation of the transactions which is called Narration.

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