Question

Opened a bank account with SBI by depositing rupees 60000

Answer 1

The current transaction affects two accounts...cash a/c . because We are paying cash ,Bank a/c(savings account )... because We are opening a savings account..


The golden rules of accounting are...

Personal Account - Debit the receiver credit the giver

Nominal Account - Debit All expenses and losses, credit All incomes and gains

Real Account - Debit what comes in ,credit what goes out


Bank account ,cash accounts are Real accounts( Bank balance/cash balance is an asset; all assets and Liabilities come under Real account)

in contention with the above rules....

Bank a/c (savings account) should be debited..coz cash is comingin..

cash a/c should be credited..coz ,cash is going out


So the Journal Entry will be...

Bank a/c (savings a/c) Dr 60000

To cash a/c 60000

(being savings bank account opened with an initial deposit)

Answer 2

Bank A/C Dr.  Rs.60,000      To cash A/C. Rs. 60,000 (Being Bank Account opened in SBI)