What is the journal entry for Raman remitted?

Cash Remitted to Raman is recorded in the debit account of Raman, this is because the cash was paid back to Raman and he is the one who received the cash the account that remits Raman is credited since it is the one giving out the cash, This means that Raman is a creditor and the account remitting is the debtor.

What is the journal entry of paid cash on account?

In this case, the journal entry for the paid cash is with the debit of accounts payable and the credit of the cash account. This is the case where the company paid cash to settle the liability that it have made when purchasing the office supplies.

What will be the journal entry for cash paid to RAM?

Explanation: Since Ram is a Debtor, on receipt of cash from Ram, Ram’s A/c would be credited, as there is a decrease in Debtors 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.

What is debited when you pay cash on account?

Definition and Examples of Debits and Credits Debits and credits form the basis of the double-entry accounting system of a business. Debits represent money that is paid out of an account and credits represent money that is paid into an account.

What is the entry of cash in hand in cash book?

Cash book is a book of original entry in which transactions relating only to cash receipts and payments are recorded in detail. When cash is received it is entered on the debit or left hand side. Similarly, when cash is paid out the same is recorded on the credit or right hand side of the cash book.

When cash paid to Ram Ram’s a C will be debited and cash account will be credited?

The reason is the correct explanation of the assertion. Explanation: When we will pay the amount to Ram. We will debit Ram’s account and we will credit the bank or the cash account.

Is cash book a journal or a ledger?

It is a journal as well as ledger . It is a journal since cash and bank transactions are first recorded in it and a ledger since it serves the purpose of a Cash Account alos.

How do you get entry of commission received?

1. Commission are indirect expenses and will always be Debited to Profit & Loss A/c.
2. Commission can be paid either in Cash or via Bank.
3. Cash is Real Account item therefore when we make payment in cash it is Credited and when we receive cash it is debited (Golden Rule : Debit what comes in, Credit what goes out)

How do you record commission received in accounting equation?

At any given point of time, this equation should match. In this case the commission received, it affects assets and the capital. Hence, Commission amount received will be added to the asset (since cash is coming in) and liability will be added since the equal vent service has be performed.