Question

Journal entry= Received from surya ₹1600

Answer 1

3 golden rules

• debit the receiver , credit the giver

• debit what comes in , credit what goes out

• debit all the expenses and losses , credit all the incomes and gains

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reason for debit and credit

surya A/c - personal A/c , surya is the giver in such case . therefore its credited

Cash - Real A/c - cash comes into the business therefore its debited

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Journal entry

Cash A/c Dr 1600

To surya A/c 1600

(being cash received from surya )