karim paid on account ₹ 5000. (pass journal entry)
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Journal entry is:
Cash A/c Dr. 5000
To Karim A/c 5000
(Being Karim paid on account)
You might be confused at to what is on account. It just means that we are dealing with Karim and he was our debtor (person from who we have to receive money) and he paid us a small part of the total amount we have to receive. Hence, we say Karim paid us on account.
In this case,
Cash comes in so debit
Karim is the giver so credit
Hope this answer helps you:). Please make me the brainliest answer to keep working hard in clarifying your doubts.
Cash A/c Dr. 5000
To Karim A/c 5000
(Being Karim paid on account)
You might be confused at to what is on account. It just means that we are dealing with Karim and he was our debtor (person from who we have to receive money) and he paid us a small part of the total amount we have to receive. Hence, we say Karim paid us on account.
In this case,
Cash comes in so debit
Karim is the giver so credit
Hope this answer helps you:). Please make me the brainliest answer to keep working hard in clarifying your doubts.
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