Commerce Exam > Commerce Questions > A ltd has a rs35000 account receivable from m...
Start Learning for Free
A ltd has a rs35000 account receivable from mohan. On january 20 mohan makes a partial payment of rs21000 to A ltd the journal entry made on january 20 by A ltd to record this transaction includes?
Most Upvoted Answer
A ltd has a rs35000 account receivable from mohan. On january 20 mohan...
Journal Entry to Record Partial Payment from Mohan to A Ltd
The journal entry made by A Ltd on January 20 to record the partial payment of Rs21,000 from Mohan includes:
1. Debit to Cash Account: A Ltd will debit the Cash Account as it has received a partial payment from Mohan.
2. Credit to Accounts Receivable Account: A Ltd will credit the Accounts Receivable Account as Mohan has paid a portion of his outstanding balance.
The journal entry will be as follows:
Cash Account Dr. Rs21,000
Accounts Receivable Account Cr. Rs21,000
Explanation:
1. Debit to Cash Account: When A Ltd receives a partial payment from Mohan, it will debit the Cash Account as it has received cash.
2. Credit to Accounts Receivable Account: As Mohan has paid a portion of his outstanding balance, A Ltd will reduce his Accounts Receivable by crediting the Account Receivable Account.
This journal entry will reflect the decrease in the Accounts Receivable balance of A Ltd, and increase in the Cash balance.
The journal entry made by A Ltd on January 20 to record the partial payment of Rs21,000 from Mohan includes:
1. Debit to Cash Account: A Ltd will debit the Cash Account as it has received a partial payment from Mohan.
2. Credit to Accounts Receivable Account: A Ltd will credit the Accounts Receivable Account as Mohan has paid a portion of his outstanding balance.
The journal entry will be as follows:
Cash Account Dr. Rs21,000
Accounts Receivable Account Cr. Rs21,000
Explanation:
1. Debit to Cash Account: When A Ltd receives a partial payment from Mohan, it will debit the Cash Account as it has received cash.
2. Credit to Accounts Receivable Account: As Mohan has paid a portion of his outstanding balance, A Ltd will reduce his Accounts Receivable by crediting the Account Receivable Account.
This journal entry will reflect the decrease in the Accounts Receivable balance of A Ltd, and increase in the Cash balance.
Community Answer
A ltd has a rs35000 account receivable from mohan. On january 20 mohan...
Attention Commerce Students!
To make sure you are not studying endlessly, EduRev has designed Commerce study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Commerce.
|
Explore Courses for Commerce exam
|
|
Similar Commerce Doubts
Top Courses for CommerceView all
A ltd has a rs35000 account receivable from mohan. On january 20 mohan makes a partial payment of rs21000 to A ltd the journal entry made on january 20 by A ltd to record this transaction includes?
Question Description
A ltd has a rs35000 account receivable from mohan. On january 20 mohan makes a partial payment of rs21000 to A ltd the journal entry made on january 20 by A ltd to record this transaction includes? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about A ltd has a rs35000 account receivable from mohan. On january 20 mohan makes a partial payment of rs21000 to A ltd the journal entry made on january 20 by A ltd to record this transaction includes? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A ltd has a rs35000 account receivable from mohan. On january 20 mohan makes a partial payment of rs21000 to A ltd the journal entry made on january 20 by A ltd to record this transaction includes?.
A ltd has a rs35000 account receivable from mohan. On january 20 mohan makes a partial payment of rs21000 to A ltd the journal entry made on january 20 by A ltd to record this transaction includes? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about A ltd has a rs35000 account receivable from mohan. On january 20 mohan makes a partial payment of rs21000 to A ltd the journal entry made on january 20 by A ltd to record this transaction includes? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A ltd has a rs35000 account receivable from mohan. On january 20 mohan makes a partial payment of rs21000 to A ltd the journal entry made on january 20 by A ltd to record this transaction includes?.
Solutions for A ltd has a rs35000 account receivable from mohan. On january 20 mohan makes a partial payment of rs21000 to A ltd the journal entry made on january 20 by A ltd to record this transaction includes? in English & in Hindi are available as part of our courses for Commerce.
Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of A ltd has a rs35000 account receivable from mohan. On january 20 mohan makes a partial payment of rs21000 to A ltd the journal entry made on january 20 by A ltd to record this transaction includes? defined & explained in the simplest way possible. Besides giving the explanation of
A ltd has a rs35000 account receivable from mohan. On january 20 mohan makes a partial payment of rs21000 to A ltd the journal entry made on january 20 by A ltd to record this transaction includes?, a detailed solution for A ltd has a rs35000 account receivable from mohan. On january 20 mohan makes a partial payment of rs21000 to A ltd the journal entry made on january 20 by A ltd to record this transaction includes? has been provided alongside types of A ltd has a rs35000 account receivable from mohan. On january 20 mohan makes a partial payment of rs21000 to A ltd the journal entry made on january 20 by A ltd to record this transaction includes? theory, EduRev gives you an
ample number of questions to practice A ltd has a rs35000 account receivable from mohan. On january 20 mohan makes a partial payment of rs21000 to A ltd the journal entry made on january 20 by A ltd to record this transaction includes? tests, examples and also practice Commerce tests.
|
|
Explore Courses for Commerce exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup