Question

Paid salaries 20000,rent 5000 and wages 6000 by cheque write compound journal entry

Answer 1

Answer:

• According to the “Golden rules” of accounting. Salary A/c. Debit. Nominal account. Debit all expenses and losses. To Bank A/c. Credit. Personal account....
• According to the “Modern rules” of accounting. Salary A/c. Debit. Expense. Debit the increase in expenses. To Bank A/c. Credit. Asset.