Question

Opened an account with IcIcI journal entry

Answer 1

Bank A/C ( IcIcI ) ---- Dr

To Cash A/C

( Being a bank account opened with IcIcI )

Explanation

We need to know the Golden rules of accounting

• For Real account ==> Debit what comes in and Credit what goes out
• For Personal account ==> Debit the receiver and Credit the giver
• For Nominal account ==> Debit all expenses and losses and Credit all incomes and gains

In this transaction we get two types of accounts,

1 ) Bank A/C and

2) Cash A/C

Here the cash deposited at the bank increases the back balance, so cash is coming in Bank account

So, debit what comes in.

When we deposit the physical cash held by us in the bank, it reduces the cash in our hands, which implies cash is going out

so, credit it

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