Received cash to rohit what will the journal entry for it
Answers
There are two accounts involved in the transactions, viz. Cash A/c and Rohit A/c.
Cash is a Real Account and Rohit is a Personal Account as per Golden Rules.
Here Cash comes in and Rohit is the giver. So the Journal Entry is:
Cash Account Dr.
To Rohit Account
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
Cash A/C DR
To Rohit's A/C
(Being Received cash to Rohit)
Short Explanation
As per golden rules of journal
Here Cash is Real Account which is coming so it must be debited
And
Here Rohit is a personal account who is giving cash so it must be credited.