Answer Posted / srinivas v

income is a gain occuring over a period of time by an entity and which is expressed in terms of money.
income statement is also known as profit and losss statement which shows all income and expenditures occured during the financial year.

What would be journal entry for--Encashed a bank draft belonging to X? Ans as given in textbook is Bank account debit to Cash account credit.......But shouldnt it be Cash account debit to Bank account credit...Wat do u guys feel??And do explain ur answers..Thnx in advance

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