Paid to vikas on account Is.1,600 in journal entry
Answers
Answer:
vikash a/c Dr.
To bank a/c
Explanation:
you typed that payment was made through account if it is through bank account then the bank account will be credited
Answer:
Cash A/C dr 1600
To Vikas A/C 1600
(being cash paid to vikas)
Explanation:
These entries list many accounts that are going to be credited or debited. The total number of debits and credits must equal zero according to the rule of journal entry, but there is no requirement that there be an equal number of credits and debits. One debit might be followed by two or more credits, one credit could have two or more debits, or even two or more credits could have debits. For instance, Payroll could involve a lot of journal entries that can be summarised in compounded form.
According to the accrual method of accounting, adjusting entries are entries that document changes to accounts that aren't otherwise accounted for in the journal.
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