Question

Paid into bank 7,000- write the two aspects​

Answer 1

Answer:

Here, We have paid into bank Rs. 7,000. This is basically a contra entry. As, it decreases the cash of enterprise and at the same time increases our bank balance by rs. 7,000.

Explanation:

This is because we have deposited the cash inti bank. So, it's journal entry will be:

Bank a/c Dr. 7,000rs.

To Cash a/c Cr. 7,000rs.

It happens so as in a double entry system. Every entry/transaction has dual aspect.