What is the journal entry of cash received?

Further , receipt of money from Bank in Cash , it results in increase of Cash, which is an Asset. When an asset is increased, the asset account is debited according to the Rules of Debit and Credit. So Cash A/c would be debited.

Which account is credited if cash is received from Mohan for interest due?

interest is nominal account… and entry is mohan A/c…. Dr To interest received A/c… hence interest received A/c is credited….

What is the journal entry for paid cash to Mohan?

Answer: Mohan will debit his bank account while the debtor will credit his bank account. 2. the bank account will be credited while the capital account will be debited.

What is the journal entry of cash received from Swati in full settlement?

Answer: cash account is to be debited. swati account is to be credited.

What is cash received in accounting?

A cash receipt is a printed acknowledgement of the amount of cash received during a transaction involving the transfer of cash or cash equivalent. The original copy of the cash receipt is given to the customer, while the other copy is kept by the seller for accounting purposes.

Is cash received a debit or credit?

When cash is received, the cash account is debited. When cash is paid out, the cash account is credited. Cash, an asset, increased so it would be debited.

What is the journal entry of drew cash from bank for office use?

Always we draw from bank and thus drew means something come in business. Business drew cash i. e cash is debited and from where it is come ie bank is credited.. Cash a/c..

What is the general entry of cash received from Naresh on account?

Answer: CASH A/C Dr.

What is the journal entry for payment made to Mohan?

Whether done on account or otherwise, the journal entry for payment made to Mohan will be, Mohan A/c Dr. In Tally, if you want to do this entry, then while keeping the bill to bill data entry, instead of selecting a specific bill, it will be allowed on account.

What is the journal entry for cash discount?

At the time of cash received, cash discount is allowed. Trade discount is not recorded in journal entry but cash discount is recorded. Discount allowed is debited but discount received is credited. In the book of ………… (Being- amount received and discount allowed) .

Why is Mohan debited and the bank/cash credited?

Mohan is debited because he was our creditor and after paying it creditor (mohan) is reduced,and reduction is liability is debited. Bank/cash is credited because reduction in assets are credited. Hope it is clear.

Is Mahesh’s account debited or credited?

Mahesh is the receiver, hence, Mahesh’s account will be debited. Your Cash is going out, hence, it will be credited. And Discount Received is a gain for you, hence it will be credited. Hope you find this answer helpful!

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