Question

opened a current account with canara bank journal entry​

Answer 1

Answer:

For passing journal entry relating to any transaction, you have to select two relevant accounts which will have effect in the above transaction. In above case the two accounts are cash account and canara bank account (assuming account opened by depositing cash). Since cash is going out CASH A/C will be credited and CANARA BANK A/C to be debited as it is deposit in the account as asset. In case another Bank account is opened in canara Bank depositing cheque of existing account then EXISTING BANK A/C will be credited as there will be decrease in bank balance as asset and CANARA BANK A/c to be Debited on account of deposit in Bank account as asset. I hope this will clarify the query.