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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?
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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.
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A ltd has a rs35000 account receivable from mohan. On january 20 mohan...
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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?
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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?.
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