Question

What will be the journal entry for paid to m/s singh and co. on account 17,500?

Answer 1

ms singh and co. ac debtor
Bank ac creditor

Answer 2

The journal entry for this is; m/s singh account will be debited by 17,500 since he is the one receiving th,  money while the bank account will be credited by 17,500 since it is giving out the cash, the technique of recording in both account is very necessary and is known to as us double entry system, the accountant should be keen to avoid the error of omission