What is the journal entry for paid RAM?

The journal entry for paying salary to ram would be as follows. Salary A/C Dr. Salary payable A/C Dr. The justification for these entries is that in the first entry the salary is being due and in the second entry, the salary is eventually being paid to the person.

What is the journal entry for paid by Cheque?

Journal entry When goods are purchased by paying cheque. Purchase goods for Rs 2000 by paying cheque Rs 20,000. and rule of Real account is Dr what comes in and Personal A/c is Cr the giver her Purchase is debit as goods comes in the business and Bank is Cr as bank is giver of money.

What is the journal entry of full settlement?

A journal entry is the business transaction record in the firm’s accounting books. Full settlement means when the account is settled, or when it is paid in full. Thus, it is when the person does not owe anything any longer.

When cash paid to Ram Ram’s a C will be debited and cash account will be credited?

We debit the receiver and credit the giver. Here Ram receives the amount so he is the receiver, and Bank or cash is the giver. Hence, we have credited that account.

Which account is debited if salary paid to ram by Cheque?

Salary paid to Ram will be debited to Ram’s Personal account.

When salary paid by Cheque which account is credited?

because salary is paid in Cheque/cash (it is a Real account; all assets and Liabilities come under Real account; bank balance/cash balance is an asset) ..

Is paying by cheque liability?

Under the Bills of Exchange Act 1882, you can be held liable for payment of a cheque merely by the fact that you signed it. The act states that once you present a cheque for payment, you are confirming that it will be honoured.

When salary is paid by cheque account is credited?

How do you record paid creditors on account?

The company can make the payment to creditors journal entry by debiting the payables account and crediting the cash account.

What is the journal entry for cash paid?

In this case, the journal entry for the paid cash is with the debit of accounts payable and the credit of the cash account. This is the case where the company paid cash to settle the liability that it have made when purchasing the office supplies.

What is the journal entry when cash paid to RAM?

Answer: Explanation: Since Ram is a Debtor, on receipt of cash from Ram, Ram’s A/c would be credited, as there is a decrease in Debtors which is an asset . When an asset is increased, the asset account is debited according to the Rules of Debit and Credit. So Cash A/c would be debited.

How much did Poush 22 pay RAM through cheque?

Poush 22: Paid of Rs 32,000 to Ram through cheque for settling account of Rs 35,000. Poush 27: Received a cheque from Aviral of Rs 19,000 and cash Rs 3,000 for selling machine. Q13B: Transactions related to furniture purchases are given below:

When amount due to ram is paid then we pass the journal?

When amount due to ram is paid then we pass the journal entry. Note:- we pass the opening entries at the beginning of the year to brought down all the balances into next accounting period. We pass the opening entries as follows. All credit balances are credited.

What is the journal entry for rent paid in advance?

March 31 – Journal entry for transfer of rent expense to the income statement (profit and loss account) Rent paid in advance i.e. Prepaid Rent is the amount of rent paid by a firm in advance but the related benefits equivalent to the amount of advance payment are yet to be received.

How much is the amount received from Ram in full settlement?

Received in full settlement ..1000 Rupees. When the cash discount is given to customer on sale for one time settlement. Amount received from ram should be debited by adjusting any discount given to ram.And crediting personal account of Ram. Discount given a/c…