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interest paid to bank for journel entry
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Answer Posted / naveen kumar.karumuri
HERE THE QUESTION IS "INTEREST PAID TO BANK" IT IS
THE "NOMINAL ACCOUNT PRINCIPLE"
CONDITION: DR-ALL EXPENSES ALWAYS DEBIT
CR-ALL INCOMES AND GAINS ALWAYS "CR"
HERE JOURNAL ENTRY IS AS PER GOLDEN RULE
DR INTEREST PAID A/C
CR BANK/CASH A/C
(BEING INTEREST PAID TO THE BANK A/C)
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