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Pass the journal entries the following transaction of nidhi :
April 20
Bank charged bank charges . 200
April 25
Insurance premium paid for insuring the goods. 2,500
April 30
Paid Salaries to staff by cheque.
20,000?
April 20
Bank charged bank charges . 200
April 25
Insurance premium paid for insuring the goods. 2,500
April 30
Paid Salaries to staff by cheque.
20,000?
Most Upvoted Answer
Pass the journal entries the following transaction of nidhi :April 20B...
Bank Charges Journal Entry:
Bank charges are considered an expense for the business.
- Debit: Bank Charges Expense 200
- Credit: Bank 200
Insurance Premium Journal Entry:
Paying insurance premium is an expense to ensure the safety of the goods.
- Debit: Insurance Premium Expense 2,500
- Credit: Bank 2,500
Salaries Paid Journal Entry:
Paying salaries to staff is a liability for the company.
- Debit: Salaries Expense 20,000
- Credit: Bank 20,000
In the above transactions, the bank charges incurred are recorded as an expense, reducing the company's profit. The insurance premium paid is also an expense but ensures the protection of the goods, which is essential for the business. Lastly, paying salaries to staff is a regular occurrence for a business and is recorded as a liability until the funds are transferred. These journal entries help in accurately reflecting the financial transactions of the company in its accounting records.
Bank charges are considered an expense for the business.
- Debit: Bank Charges Expense 200
- Credit: Bank 200
Insurance Premium Journal Entry:
Paying insurance premium is an expense to ensure the safety of the goods.
- Debit: Insurance Premium Expense 2,500
- Credit: Bank 2,500
Salaries Paid Journal Entry:
Paying salaries to staff is a liability for the company.
- Debit: Salaries Expense 20,000
- Credit: Bank 20,000
In the above transactions, the bank charges incurred are recorded as an expense, reducing the company's profit. The insurance premium paid is also an expense but ensures the protection of the goods, which is essential for the business. Lastly, paying salaries to staff is a regular occurrence for a business and is recorded as a liability until the funds are transferred. These journal entries help in accurately reflecting the financial transactions of the company in its accounting records.
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Pass the journal entries the following transaction of nidhi :April 20Bank charged bank charges . 200April 25Insurance premium paid for insuring the goods. 2,500April 30Paid Salaries to staff by cheque. 20,000?
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Pass the journal entries the following transaction of nidhi :April 20Bank charged bank charges . 200April 25Insurance premium paid for insuring the goods. 2,500April 30Paid Salaries to staff by cheque. 20,000? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Pass the journal entries the following transaction of nidhi :April 20Bank charged bank charges . 200April 25Insurance premium paid for insuring the goods. 2,500April 30Paid Salaries to staff by cheque. 20,000? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Pass the journal entries the following transaction of nidhi :April 20Bank charged bank charges . 200April 25Insurance premium paid for insuring the goods. 2,500April 30Paid Salaries to staff by cheque. 20,000?.
Pass the journal entries the following transaction of nidhi :April 20Bank charged bank charges . 200April 25Insurance premium paid for insuring the goods. 2,500April 30Paid Salaries to staff by cheque. 20,000? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Pass the journal entries the following transaction of nidhi :April 20Bank charged bank charges . 200April 25Insurance premium paid for insuring the goods. 2,500April 30Paid Salaries to staff by cheque. 20,000? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Pass the journal entries the following transaction of nidhi :April 20Bank charged bank charges . 200April 25Insurance premium paid for insuring the goods. 2,500April 30Paid Salaries to staff by cheque. 20,000?.
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