Octroi paid journal entry
Answers
Answer:
Octroi A/c Dr
To cash/Bank A/c
Explanation:
Octroi being an expense will be debited when occured.
while cash or bank will be credited.
Answer:
journal entry will be
Octroi A/c Dr
To cash/Bank A/c
(being octroi paid)
Octroi being an expense will be debited when occurs.
while cash or bank will be credited.
Explanation:
Journal entries are records of the money that comes in and goes out of your company. All of these transactions are entered into the general journal, the corporate book. The first phase in the accounting cycle is journal entries.
A journal entry is an act of recording any transaction, whether it is commercial or not.
An accounting diary that displays the debit and credit balances of a corporation lists transactions. Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry. The amount of the debits and credits must be equal in order for the journal entry to be declared balanced.
Depreciation or bond amortisation are examples of recurring items that can be recorded in journal entries. Accounts payable normally has its own sub-ledger that indirectly impacts the general ledger, and journal entries are frequently filed using a different module in accounting software. As a result, general ledger account balances are changed immediately by journal entries. The correct date, amount(s) to be debited, amount to be credited, description of the transaction, and specific reference number are all parts of a correctly formatted journal entry (i.e. check number).
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