Question

Journal entry for interes t due but not received Rs. 10000 with (golden rules)​

Answer 1

Answer:

BRAINLEST!!

Assuming that interest is received in cash, from the point of view of business, the two accounts affected are

Cash a/c

AND

Interest a/c

Cash a/c is a real account. Cash a/c will be debited in this case as cash is coming into the business. The Golden rule of real accounts says 'Debit what comes in, Credit what goes out'.

Interest a/c is a nominal account and will be credited in this transaction as it is an income in this transaction. The Golden rule of nominal accounts states 'Debit all expenses/losses, Credit all incomes/gains’.

Hence the journal entry will be-

Cash a/c ……………….…Dr

To Interest a/c

(Being interest received in cash)

Note - If interest is received by cheque or if it is directly deposited in bank account then Bank a/c will be debited instead of Cash a/c.

Answer 2

Explanation:

• I have been an expat for 9 years. Where you live now, is largely irrelevant to your investments. Sure, some things make a different ...

• Before recording a journal entry, it is important to understand different types of accounts maintained under Book-Keeping & Accountancy and also three Golden Rules of Accounting.

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