Question

journal of ₹ 200 interest was given by bank​

Answer 1

Answer:

debit and credit

Explanation:

debit to your account

credit to bank account

Answer 2

Answer:

Journal entry for received interest from the bank:

Bank A/c … Dr

To Bank interest A/c

[Being the received bank interest]

Bank A/c Debit because the bank is (Personal Account) and it is Receiver, so the Receiver also Debits based on Debit and Credit Rule.

Interest A/c Credit because the Interest is (Nominal Account) and one type of Income and Income is also Credit. Based on the Debit and Credit or Golden Rules.

Note:

Bank - Personal Account - Receiver - Dr

Interest - Nominal Account - Income - Cr



Golden Rules:

Personal Account:

Debit the Receiver, Credit the Giver

Real Account:

What cames in Debit and what Goes out Credit

Nominal Account:

Expenses & Loss Debit, and Income, Profit Credit

I hope this answer helps you.

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