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What is the journal entry of April 12 cheque received from Z deposited into bank.?
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What is the journal entry of April 12 cheque received from Z deposited...
Journal Entry for Cheque Received from Z Deposited into Bank on April 12:
1. Initial Transaction:
- When the cheque is received from Z, the initial entry to record this transaction is:
- Debit: Bank Account
- Credit: Z's Account
2. Deposit into Bank:
- When the cheque is deposited into the bank on April 12, the journal entry is as follows:
- Debit: Bank Account
- Credit: Z's Account
3. Explanation:
- The first journal entry is made when the cheque is received from Z, which increases the balance in the Bank Account and decreases the balance in Z's Account.
- The second entry is made when the cheque is deposited into the bank, which further increases the balance in the Bank Account.
- This process ensures that all transactions are accurately recorded in the books of accounts and helps in maintaining financial transparency.
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What is the journal entry of April 12 cheque received from Z deposited into bank.?
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What is the journal entry of April 12 cheque received from Z deposited into bank.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about What is the journal entry of April 12 cheque received from Z deposited into bank.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the journal entry of April 12 cheque received from Z deposited into bank.?.
What is the journal entry of April 12 cheque received from Z deposited into bank.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about What is the journal entry of April 12 cheque received from Z deposited into bank.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the journal entry of April 12 cheque received from Z deposited into bank.?.
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