Question

Journal entry for balance of cash in hand and bank overdraft

Answer 1

Hola user ..

Cash in hand a/c
.......to Bank overdraft a/c
........to capital a/c
(being opening balance brought forward)


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Answer 2

Cash in hand a/c

To Bank overdraft a/c

To capital a/c

(being opening balance brought forward)

Explanation:

Here we are passing journal entry for balance of cash in hand and bank overdraft which means we are bringing the opening balance as a brought down balance therefore we will debit or cash in hand account as the cash is increasing, we will credit our capital and bank overdraft account as both of them are liabilities to the firm and in this situation the liabilities are increasing.

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