What is the journal entry of Interest received on investment collected by banks amount ₹75 ?
Answers
to bank ac
hope it may help u
Interest recieved ac.........dr 75
to bank ac 75
Explanation:
In this particular account the interest is being received by the bank which is of 75 rupees kiran interest received it is a liability and since liability is decreasing we will debited this is based on the golden rule of accounting which says that when liabilities increase we credit then and when the decrease be debited. Here the interest received is getting reduced therefore we will debit it.
Qatar bank account as money is being deducted from it. Based on the golden rule of accounting when assets increase we debit them and when they reduce we credit them.
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