Question

Karim Paid you on account ₹ 5000 (what is journal entry for this transaction) please help me​

Answer 1

Answer:

Hello Sahib, it is my pleasure to help you. Find the answer in the explanation section.

Explanation:

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.