Answer Posted / rahul kanojiya
Debit all expenses and losses
Credit all income and gains
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Harpithas due Rs 55000 was settled infull by taking Haris due Rs 12500 in adjustment Pass necessary entry
Suppose My received Interest Income is 24934.59 And for the same time my Bank Charge total is 7785.19. Now the total Bank Charge will be deducted from Interest Income and the amount of (24934.59-7785.19)=17149.40 will be withdrawn to deposit in govt. Account.What will be the Journal Entry for 17149.40. Here, Already Bank Charge 7785.40 is Already Debited and 24934.59 is already credited in Journal.
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