Jurnal for interest chrgd by bank-
Interest a/c dr
To bank
Bank is real a/c
Que is why bank is credit as d rule is
dr d reciever
Answers were Sorted based on User's Feedback
Answer / yashwanth
In this case Bank is Charging us So Interest is Nominal A/c
Debit - All expenses & Lossses
For Bank - It is real A/c - Credit the Giver
We are giving some amount to bank as charges not recieving
Is This Answer Correct ? | 8 Yes | 3 No |
Answer / n srinivas rao
As the Interest Expense charged by the Bank is an expense
and comes under Nominal Account. As per nominal
account "All expenses debit".
In this transaction Bank is not a personal account, it is a
Real account means it is as Asset to us and the Bank
charges are getting deducted from this Account. So As per
Real Account "What goes out Credit"
That is why the entry should be as follows
Interest exps A/C Debit
Bank A/C Crdit
Is This Answer Correct ? | 6 Yes | 1 No |
Answer / barkhamittal01
interest charged by bank,its a expensive,we are not paying
direct.
so its a nominal a/c
Is This Answer Correct ? | 2 Yes | 1 No |
under which ledger should i make opening work in progess and closing work in progress
What will be journal entry of provision for income tax in current year and Adjustment entry in next year
Cheque rs 1400 received from Charles in settlement of a debit of rs 1500 returned dishonored
what is the impact of bank garantee of rs 100000 on cash flow statement which has been expired...& impact on bank reconcilation statement
Outstanding bills entered under which groups in tally ?
what is contingent liabillity ?
Tell me which accounting application you prefer most and why?
How many types are accounts head?
How can I pass the journal entry for Work in progress. I would like to know that where should be the debit and credit allocated in accounting system. eg. WIP debit will be under asset a/c in balance sheet what about credit? pls.help me
what is the loss of a company
i want to know about VAT & CST (inculding its Form No.)
1.What is the entry sales and Purchases including discount and TCS 2.if sales but suddenly road accident and only party received 80% and balance staled the insurance company what is entry in accounting booked