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How to do entry of paid to mahesh 22000rs in full settlement?
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How to do entry of paid to mahesh 22000rs in full settlement?
How to do entry of paid to Mahesh 22000rs in full settlement?


Recording financial transactions is an essential part of accounting. Here are the steps to record the entry of paid to Mahesh 22000rs in full settlement:


Step 1: Identify the accounts affected by the transaction


  • Cash/Bank account

  • Mahesh's account



Step 2: Determine the type of account and its balance


  • Cash/Bank account - Asset account (debit balance)

  • Mahesh's account - Liability account (credit balance)



Step 3: Record the transaction in the journal


  • Debit Cash/Bank account with 22000rs

  • Credit Mahesh's account with 22000rs



Step 4: Post the journal entry to the ledger


  • Update Cash/Bank account in the Cash/Bank ledger with a debit of 22000rs

  • Update Mahesh's account in the Accounts Payable ledger with a credit of 22000rs



Step 5: Verify the accuracy of the posting


  • Ensure that the total debits equal the total credits

  • Verify that the balances in the Cash/Bank ledger and Mahesh's account are correct



By following these steps, you can record the entry of paid to Mahesh 22000rs in full settlement accurately and efficiently.
Community Answer
How to do entry of paid to mahesh 22000rs in full settlement?
Mahesh A/c Dr. 22000
To cash A/c 22000
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How to do entry of paid to mahesh 22000rs in full settlement?
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How to do entry of paid to mahesh 22000rs in full settlement? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about How to do entry of paid to mahesh 22000rs in full settlement? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for How to do entry of paid to mahesh 22000rs in full settlement?.
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