Question

What will be the journal entry if we paid for repair of premises

Answer 1

Answer:

To record a repair or maintenance expense in your records, debit the repairs and maintenance expense account by the amount of the expense in a journal entry. A debit increases an expense account. Credit either the cash or accounts payable account by the same amount depending on how you will pay for the expense.

Please mark as the Brainliest..

Answer 2

Answer:

Repairs A/c Dr. xxx

          To Bank       xxx

(Being payment for repairs made.)

Explanation:

• The Golden Rules of Accounting-

Rule 1: For Real Accounts- Debit What Comes In, Credit What Goes Out.

Rule 2: For Personal Accounts- Debit the Receiver, Credit the Giver.

Rule 3: For Nominal Accounts- Debit All Expenses and Losses, Credit all       Incomes and Gains.

• Repairs A/c is a nominal account, therefore by applying the Rule 3 of accounting we will debit the Repairs A/c as it is an expense.
• Bank A/c is a real account, therefore by applying the Rule 1 of accounting we will credit the cash account as it is what is going out.

Hence, while passing the journal entry we will debit the Repairs A/c and credit the Cash A/c.

#SPJ2