Question

journal entry for Received from Jai through CDM

Answer 1

There are two aspects to treat this entry:-

Given:

- Payment received from Jai

- Jai deposited that payment in a Cash Deposit machine

Solution:

1st aspect:-

Directly show it as received in the Bank.

Entry-

Bank A/C … Dr.

To Jai    

(Being received from Jai in bank through CDM)

2nd aspect:-

First show it as received cash from Jai and then deposited in the bank through a cash deposit machine(CDM).

Entry-

Cash A/C … Dr.

To Jai

(Being cash received from Jai)

Bank A/C … Dr.

To Cash A/C

(Being cash received from Jai deposited in bank through CDM by Jai)

Conclusion

Both the aspects are legally accurate to my understanding.