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What will be the journal entry for received a V.P.P. from Ram for rs 20000. Sent a peon to collect it who paid rs 150 as cartage
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Journal Entry for V.P.P. Received from Ram and Cartage Paid

1. V.P.P. Received from Ram:
When we receive a V.P.P. (Value Payable Post) from Ram for Rs 20,000, the journal entry will be as follows:

Debit: V.P.P. Received Account (Rs 20,000)

Credit: Ram's Account (Rs 20,000)

2. Sent a Peon to Collect:
A peon was sent to collect the V.P.P. who paid Rs 150 as cartage. The journal entry for this transaction will be:

Debit: Cartage Account (Rs 150)

Credit: Cash/Bank Account (Rs 150)

3. Final Journal Entry:
The final journal entry combining both transactions will be:

Debit: Ram's Account (Rs 20,000)

Credit: V.P.P. Received Account (Rs 20,000)

Debit: Cartage Account (Rs 150)

Credit: Cash/Bank Account (Rs 150)
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What will be the journal entry for received a V.P.P. from Ram for rs 20000. Sent a peon to collect it who paid rs 150 as cartage?
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What will be the journal entry for received a V.P.P. from Ram for rs 20000. Sent a peon to collect it who paid rs 150 as cartage? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about What will be the journal entry for received a V.P.P. from Ram for rs 20000. Sent a peon to collect it who paid rs 150 as cartage? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What will be the journal entry for received a V.P.P. from Ram for rs 20000. Sent a peon to collect it who paid rs 150 as cartage?.
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