Question

Open a new account in uti bank by deposit rs 25000 so what's journal entry

Answer 1

Answer:

Explanation:

UTI Bank A/C ............ Dr

To Cash A/C

(Being deposited cash by opening A/C in UTI Bank)

Here, the two accounts are UTI bank and Cash where UTI bank is a personal account which is being debited and cash is real account which is being credited so we will apply debit rule of personal account i.e. Debit the receiver and apply credit rule of real account i.e. Credit what goes out.

Answer 2

Drawing

Explanation:

                             Books of (----Limited)

                                  Journal entry

Date        Account Title and Explanation     Debit    Credit

               Bank                       A\c Dr.              25,000

                 To   Cash               A\c                                 25,000

            (Being bank account open with cash amount 25,000)

Note: Cash goes out from business, so cash account will be credit and bank account will be debited.

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