Question

journal entry for cash received from Naresh on account​

Answer 1

$\large{\mathfrak{\pink{\underbrace{\overbrace{\orange{\boxed{\red{★Answer★}}}}}}}}$

rєcσrd αnч cαsh pαчmєnts αs α dєвít ín чσur cαsh rєcєípts jσurnαl líkє usuαl. thєn, dєвít thє custσmєr's αccσunts rєcєívαвlє αccσunt fσr αnч purchαsє mαdє σn crєdít. ín чσur sαlєs jσurnαl, rєcσrd thє tσtαl crєdít єntrч.

${\huge{\underline{\small{\mathbb{\red{HOPE\:HELP\:U\:BUDDY :)}}}}}}$

Answer 2

The entry will be Bank A/c debited To Naresh A/c

Bank A/c Dr.

To Naresh A/c Cr.

• Subtract from the giver and credit the receiver.

• With regard to personal accounts, the principle of debiting the recipient and crediting the giver applies.
• A general ledger account for persons or organisations is referred to as a personal account.
• Debit the account if something is received. Donate to the account by crediting it.

• Debit what's received and credit what's expended

• Use the second golden rule while analysing real accounts. Permanent accounts are another name for real accounts.
• At year's end, real accounts don't close.
• Their remaining balances are instead carried over to the upcoming accounting quarter.

• Asset, liability, or equity accounts are all examples of real accounts. Accounts for contra assets, liabilities, and equity are also included in real accounts.

• Debit the account when an item enters your company (such as an asset) while using a real account. Credit the account when anything occurs that is not within your control.
• Debit losses and expenses, credit profits and income

• Nominal accounts are covered by the accounting profession's final golden rule.
• You close a nominal account at the conclusion of each accounting period.
• Temporary accounts are another name for nominal accounts. Revenue, expense, and gain and loss accounts are examples of temporary or nominal accounts.

• If your company incurs expenses or suffers a loss, debit the account while using nominal accounts. If your company has to record income or gain, credit the account.

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