Journal entry

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jitu (Querist)

18 February 2015 dear experts
what entry should passed in case interest received from Ram

(1) cash a/c dr 500
To ram 500

or

(2) cash a/c dr 500
to interest a/c 500

which entry is correct (1) or (2)

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

21 February 2015 Two method.

1)

Ram A/c Dr
To Interest A/c
(Being interest receivable from Ram)

Bank/Cash A/c Dr
To Ram A/c
(Being amount received from Ram Towards interest)

2) Bank/Cash A/c Dr
To Interest A/c

(Being Interest received from Ram)

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jitu

jitu (Querist)

16 June 2015 dear sir

but as per golden rule of account for personal a/c

debit ot receiver so i confuse by one again]
plese suggest:-

Ram a/c dr.
To interest

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

18 June 2015 Debit the receiver.

1st entry is the due entry being passed.

See second entry when Ram is giving the money, he is being credited. "Credit the Giver".

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