Question

Received interest from ashok .pass journal entry

Answer 1

journal entry

cash or bank A/c Dr
To Interest received A/c
(being interest received from Ashok)

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reasons for debit and credit

interest received is a nominal account where it is the income to the company therefore it is credited

cash account is affected as the money comes into the business it is debited

if the money is in the form of cheque or Bank draft then the bank account is debited

Answer 2

hey mate the journal entry for this will be

cash a/c dr xxx

to interest received a/c xxx

(being interest received from Ashok)

reason --> as we know that interest is a income for us so it is credited as it is being received (nominal account)