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Record the following in the appropriate book of original entry assuming cheque received but not deposited into bank on the same day as cheque in hand 2023 Jan 1 cash in hand 12400?
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Record the following in the appropriate book of original entry assumin...
Journal Entry for Cheque Received but not Deposited into Bank
Cash in Hand 12400
Explanation:
Cash in Hand Account:
- Cash in hand refers to the physical cash that a business has on hand at a given time.
- In this case, the business has received a cheque but has not yet deposited it into the bank, resulting in an increase in the cash in hand account.
Journal Entry:
- The journal entry to record this transaction would be:
- Debit Cash in Hand Account with 12400
- Credit Cheque Received Account with 12400
Reasoning:
- The debit to the Cash in Hand account reflects the increase in cash on hand due to the cheque received.
- The credit to the Cheque Received account represents the liability of the business to deposit the cheque into the bank at a later date.
Importance of Recording:
- It is important to record this transaction in the books of accounts to maintain accurate and up-to-date financial records.
- This ensures that the business has a clear picture of its financial position and can track all inflows and outflows of cash effectively.
Cash in Hand 12400
Explanation:
Cash in Hand Account:
- Cash in hand refers to the physical cash that a business has on hand at a given time.
- In this case, the business has received a cheque but has not yet deposited it into the bank, resulting in an increase in the cash in hand account.
Journal Entry:
- The journal entry to record this transaction would be:
- Debit Cash in Hand Account with 12400
- Credit Cheque Received Account with 12400
Reasoning:
- The debit to the Cash in Hand account reflects the increase in cash on hand due to the cheque received.
- The credit to the Cheque Received account represents the liability of the business to deposit the cheque into the bank at a later date.
Importance of Recording:
- It is important to record this transaction in the books of accounts to maintain accurate and up-to-date financial records.
- This ensures that the business has a clear picture of its financial position and can track all inflows and outflows of cash effectively.
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Record the following in the appropriate book of original entry assuming cheque received but not deposited into bank on the same day as cheque in hand 2023 Jan 1 cash in hand 12400?
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Record the following in the appropriate book of original entry assuming cheque received but not deposited into bank on the same day as cheque in hand 2023 Jan 1 cash in hand 12400? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Record the following in the appropriate book of original entry assuming cheque received but not deposited into bank on the same day as cheque in hand 2023 Jan 1 cash in hand 12400? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Record the following in the appropriate book of original entry assuming cheque received but not deposited into bank on the same day as cheque in hand 2023 Jan 1 cash in hand 12400?.
Record the following in the appropriate book of original entry assuming cheque received but not deposited into bank on the same day as cheque in hand 2023 Jan 1 cash in hand 12400? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Record the following in the appropriate book of original entry assuming cheque received but not deposited into bank on the same day as cheque in hand 2023 Jan 1 cash in hand 12400? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Record the following in the appropriate book of original entry assuming cheque received but not deposited into bank on the same day as cheque in hand 2023 Jan 1 cash in hand 12400?.
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