Question

Opened bank account with cheque from his savings account

Answer 1

The current transaction affects two accounts...Bank a/c (Payer; savings).. because We are paying through Cheque. ,Bank a/c(new account; payee)... because We are opening a new 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 is a Real account( Bank balance is an asset; all assets and Liabilities come under Real account)

in contention with the above rules....

Bank a/c (payee ; new account) should be debited..coz cash is comingin..

Bank a/c (Payer; savings) hould be credited..coz we are paying through Cheque,cash is going out


So the Journal Entry will be...

Bank a/c (new) Dr xxxx

To Bank(savings) a/c xxxx

(being new bank account opened with an initial deposit)

Answer 2

Answer:

Bank a/c. Dr.  

To capital a/c

Explanation:

In this question, the cash deposited to the firm will be debited as the bank account will increase due to the income of money.

Since the firm holds the physical cash at the point of depositing, we will credit the cash account, denoting the reduction when we deposit the cash into the bank. This journal entry is an example of a simple transfer of funds from one account to another.

In our case, we have opened a bank account and deposited some cash, causing the entry given above.

So entry will be Bank a/c. Dr.  

                                  To capital a/c

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