Question

Journal entry of Paid into bank ?

Answer 1

Dr . to cash account
(being current account opended)
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Answer 2

Bank A/c Dr

To Cash A/c

Explanation:

Let's assume that the money is being paid through cash to the bank. This entry is a very simple entry as the only transactions happening is between the cash account and the bank account here we will debit or bank account as the bank account is being increased this can be justified by the rule of accounting which says that we should debit an asset when it increases and credited when it decreases therefore crediting the cash account.

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