Paid into bank for opening a current account journal entry
Answers
Answer :
Golden rules of Journal
Personal account rule
Debit- the receiver.
Credit- the giver.
Real account rule
Debit- what comes in.
Credit- what goes out.
Nominal account rule.
Debit- all expenses and losses.
Credit- all incomes and gains.
Now
The journal entry will be
Bank A/C Dr
To Cash A/C
(Being Paid into bank for opening a current account)
Explanation
Here Amount paid into bank for opening a current account So Here Bank A/C is opening so it should be debited and cash A/C is a real account which is outgoing or decreasing it should be credited.
Note :- Also Remember Journal entry record only those transaction which are financial in nature. Statement or order can't find place in the book of journal.
Answer:
The journal entry will be
Bank A/C Dr
To Cash A/C
(Being Paid into bank for opening a current account)
Explanation:
Here Amount paid into bank for opening a current account So Here Bank A/C is opening so it should be debited and cash A/C is a real account which is outgoing or decreasing it should be credited.
This entry is a totally simple access as the only transactions occurring is between the coins account and the bank account right here we will debit or financial institution account because the bank account is being multiplied this may be justified via the rule of thumb of accounting which says that we need to debit an asset whilst it will increase and credited when it
Bank expenses a/c Dr. explanation: bank charges are prices so they may be debited and cash a/c is credited as it reduces cash balance or we will say lower in assets are loss for the firm and coins is a present day asset.
Paid into bank for opening a current account journal entry
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