Question

Received rs 5000 from ram on behalf of Bharat

Answer 1

Answer:

cash a/c dr 5,000

to Bharat a/c 5,000

Bharat is our debtor just Ram settled his account so no need to record Ram in our books

Answer 2

Cash A/c Dr.    5000

To Bhnsarat A/c  5000

(Being Cash received from Ram on behalf of Bharat)

Explanation:

In this transaction Bharat is a debtor, his a/c is credited. Since the cash is paid out account is credited. According to rules of debit and credit, when asset decreases the account is credited and when asset increases account is debited.

Hence the party received the cash from Bharat which results in an increase in asset and the account is debited.

Journal entries will consist of the following,

• the account and amount that will be credited

• the account and amount that will be debited

• the appropriate date

• a short description/reference/memo

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