interest paid to bank for journel entry

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Question Posted / ravikumar123

16 Answers
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interest paid to bank for journel entry..

Answer / satyanarana raju

If it paid directly
bank Interest a/c Dr
To Cash a/c
If it is adjusted by Bank
Bank Interest a/c Dr
To Bank a/c

Is This Answer Correct ?

84 Yes

8 No

interest paid to bank for journel entry..

Answer / vivekananda.pai.k.n

Intrest paid a/c
To Bank A/c

Is This Answer Correct ?

55 Yes

11 No

interest paid to bank for journel entry..

Answer / ajit agrawal

interest paid A/C DR.
TO Bank

Is This Answer Correct ?

21 Yes

8 No

interest paid to bank for journel entry..

Answer / durgaprasad m

Bank Interest Dr
To Cash Cr
(direct cash payment)
Bank Interest Dr
To Bank Cr
(through cheque payment)

Is This Answer Correct ?

17 Yes

4 No

interest paid to bank for journel entry..

Answer / 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)

Is This Answer Correct ?

12 Yes

0 No

interest paid to bank for journel entry..

Answer / ravinder.sunkara

interest a/c.......dr
to bank a/c

(being interest paid to bank)

Is This Answer Correct ?

11 Yes

4 No

interest paid to bank for journel entry..

Answer / chandu

intest on bank loan a/c dr
to cash a/c