Question

What is Journal entry for: Paid for electricity charges 100. Experts please answer quick

Answer 1

electricity charge a/c. Dr. 100
to cash/bank a/c. 100
(being paid for electricity charges)

Answer 2

Electricity charge a/c. Dr. 100

to cash/bank a/c. 100

(being paid for electricity charges)

Explanation:

In the given question we are paying electricity charges for rupees 100. This is a very simple entry if we understand the golden rule of accounting. Here we will credit cash or bank account due to the fact that money is reduced.

And based on the golden rule of accounting when assets decrease we will credit them. We are debiting electricity charges because the accounting rules as that we should debit all expenses and credit incomes, here electricity charges an expense for the firm therefore we will debit them .

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