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Sunset Tours has Rs. 3,500 account receivable from Mohan. On January 20, the later makes a partial payment of Rs. 2,100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes:
- a)A credit to the cash received account of Rs.2,100
- b)A credit to the Accounts receivable account of Rs.2,100
- c)A debit to the cash account of Rs.1,400
- d)A debit to the Accounts receivable account of Rs.1,400
Correct answer is option 'B'. Can you explain this answer?
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Sunset Tours has Rs. 3,500 account receivable from Mohan. On January 2...
Journal Entry for Partial Payment on Account Receivable
Explanation:
When a customer makes a partial payment on their account, it affects both the accounts receivable and cash accounts. In this case, Mohan owes Sunset Tours Rs. 3,500 but has made a partial payment of Rs. 2,100.
To record this transaction, Sunset Tours will make the following journal entry:
Accounts Receivable A/c Dr. 2,100
To Cash A/c 2,100
Explanation of the Journal Entry:
The journal entry made on January 20 by Sunset Tours to record this transaction includes a credit to the accounts receivable account of Rs. 2,100 and a debit to the cash account of Rs. 2,100.
Accounts Receivable A/c Dr. 2,100: This is an increase in the accounts receivable balance. The accounts receivable account represents the amount of money that is owed to Sunset Tours by Mohan.
To Cash A/c 2,100: This is a decrease in the cash balance. The cash account represents the amount of money that Sunset Tours has in its possession.
Conclusion:
The correct answer to this question is option 'B', which is a credit to the accounts receivable account of Rs. 2,100. When a customer makes a partial payment on their account, it affects both the accounts receivable and cash accounts. Sunset Tours will record this transaction by debiting the accounts receivable account and crediting the cash account.
Explanation:
When a customer makes a partial payment on their account, it affects both the accounts receivable and cash accounts. In this case, Mohan owes Sunset Tours Rs. 3,500 but has made a partial payment of Rs. 2,100.
To record this transaction, Sunset Tours will make the following journal entry:
Accounts Receivable A/c Dr. 2,100
To Cash A/c 2,100
Explanation of the Journal Entry:
The journal entry made on January 20 by Sunset Tours to record this transaction includes a credit to the accounts receivable account of Rs. 2,100 and a debit to the cash account of Rs. 2,100.
Accounts Receivable A/c Dr. 2,100: This is an increase in the accounts receivable balance. The accounts receivable account represents the amount of money that is owed to Sunset Tours by Mohan.
To Cash A/c 2,100: This is a decrease in the cash balance. The cash account represents the amount of money that Sunset Tours has in its possession.
Conclusion:
The correct answer to this question is option 'B', which is a credit to the accounts receivable account of Rs. 2,100. When a customer makes a partial payment on their account, it affects both the accounts receivable and cash accounts. Sunset Tours will record this transaction by debiting the accounts receivable account and crediting the cash account.
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Sunset Tours has Rs. 3,500 account receivable from Mohan. On January 2...
Because the amount goes out from sunset tours
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Sunset Tours has Rs. 3,500 account receivable from Mohan. On January 20, the later makes a partial payment of Rs. 2,100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes:a)A credit to the cash received account of Rs.2,100b)A credit to the Accounts receivable account of Rs.2,100c)A debit to the cash account of Rs.1,400d)A debit to the Accounts receivable account of Rs.1,400Correct answer is option 'B'. Can you explain this answer?
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Sunset Tours has Rs. 3,500 account receivable from Mohan. On January 20, the later makes a partial payment of Rs. 2,100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes:a)A credit to the cash received account of Rs.2,100b)A credit to the Accounts receivable account of Rs.2,100c)A debit to the cash account of Rs.1,400d)A debit to the Accounts receivable account of Rs.1,400Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Sunset Tours has Rs. 3,500 account receivable from Mohan. On January 20, the later makes a partial payment of Rs. 2,100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes:a)A credit to the cash received account of Rs.2,100b)A credit to the Accounts receivable account of Rs.2,100c)A debit to the cash account of Rs.1,400d)A debit to the Accounts receivable account of Rs.1,400Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sunset Tours has Rs. 3,500 account receivable from Mohan. On January 20, the later makes a partial payment of Rs. 2,100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes:a)A credit to the cash received account of Rs.2,100b)A credit to the Accounts receivable account of Rs.2,100c)A debit to the cash account of Rs.1,400d)A debit to the Accounts receivable account of Rs.1,400Correct answer is option 'B'. Can you explain this answer?.
Sunset Tours has Rs. 3,500 account receivable from Mohan. On January 20, the later makes a partial payment of Rs. 2,100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes:a)A credit to the cash received account of Rs.2,100b)A credit to the Accounts receivable account of Rs.2,100c)A debit to the cash account of Rs.1,400d)A debit to the Accounts receivable account of Rs.1,400Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Sunset Tours has Rs. 3,500 account receivable from Mohan. On January 20, the later makes a partial payment of Rs. 2,100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes:a)A credit to the cash received account of Rs.2,100b)A credit to the Accounts receivable account of Rs.2,100c)A debit to the cash account of Rs.1,400d)A debit to the Accounts receivable account of Rs.1,400Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sunset Tours has Rs. 3,500 account receivable from Mohan. On January 20, the later makes a partial payment of Rs. 2,100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes:a)A credit to the cash received account of Rs.2,100b)A credit to the Accounts receivable account of Rs.2,100c)A debit to the cash account of Rs.1,400d)A debit to the Accounts receivable account of Rs.1,400Correct answer is option 'B'. Can you explain this answer?.
Solutions for Sunset Tours has Rs. 3,500 account receivable from Mohan. On January 20, the later makes a partial payment of Rs. 2,100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes:a)A credit to the cash received account of Rs.2,100b)A credit to the Accounts receivable account of Rs.2,100c)A debit to the cash account of Rs.1,400d)A debit to the Accounts receivable account of Rs.1,400Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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Sunset Tours has Rs. 3,500 account receivable from Mohan. On January 20, the later makes a partial payment of Rs. 2,100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes:a)A credit to the cash received account of Rs.2,100b)A credit to the Accounts receivable account of Rs.2,100c)A debit to the cash account of Rs.1,400d)A debit to the Accounts receivable account of Rs.1,400Correct answer is option 'B'. Can you explain this answer?, a detailed solution for Sunset Tours has Rs. 3,500 account receivable from Mohan. On January 20, the later makes a partial payment of Rs. 2,100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes:a)A credit to the cash received account of Rs.2,100b)A credit to the Accounts receivable account of Rs.2,100c)A debit to the cash account of Rs.1,400d)A debit to the Accounts receivable account of Rs.1,400Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of Sunset Tours has Rs. 3,500 account receivable from Mohan. On January 20, the later makes a partial payment of Rs. 2,100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes:a)A credit to the cash received account of Rs.2,100b)A credit to the Accounts receivable account of Rs.2,100c)A debit to the cash account of Rs.1,400d)A debit to the Accounts receivable account of Rs.1,400Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Sunset Tours has Rs. 3,500 account receivable from Mohan. On January 20, the later makes a partial payment of Rs. 2,100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes:a)A credit to the cash received account of Rs.2,100b)A credit to the Accounts receivable account of Rs.2,100c)A debit to the cash account of Rs.1,400d)A debit to the Accounts receivable account of Rs.1,400Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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