Question

what is the journal entry of borrowed from naresh rs 100,000 ​

Answer 1

Answer:

The double entry to be recorded by the bank is: 1) a debit to the bank's current asset account Loans to Customers or Loans Receivable for the principal amount it expects to collect, and 2) a credit to the bank's current liability account Customer Demand Deposits.

Answer 2

Answer:

Cash Account Dr.

To Naresh Account

Explanation:

• The journal entry of borrowed from Naresh will be

Cash Account Dr.                                                  1,00,000

To Naresh Account                                                                             1,00,000

(Being cash borrowed from Naresh Rupees One lakh)

• Journal refers to books of original entries.
• In which monetary transactions are noted down for the first time in chronological order.
• The word Jour in Journal is derived from the French word which means diary.
• A journal is a daily record book in which daily transactions are recorded for the first time.
• A journal records both debit and credit aspects of transactions according to the double entry system.
• It provides a basis for posting into the ledger.
• The transactions are recorded on a permanent basis which acts as evidence in case of emergency.
• Each entry in the journal is followed by a brief explanation of the transactions which is called Narration.

Thus, the journal provides a date-wise record of all transactions with details of accounts debited and credited.

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