PLEASE HELP!!!
In account current,
i am making my debtors a/c...
he accepted the bill drawn by me...so the entry will be
B/R A/C DR.
To Debtor
if the due date of this bill falls after settlement date then we'll have to pay redink ink....
entry for it will be
interest A/c Dr.
To Creditor
But...why we write negative on credit......its positive..
PLEASE HELP!!! Such doubts if accumulate...:(...
when the due date of the bill falls after the settlement date , a contra entry has to be posted .
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