Give Journal Entry for "Interest Received from Bank"
and give description with Accounting rules
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Answer Posted / sabitha
BANK A/C............DR
TO INTEREST A/C
(BEING INT.RECEIVED FROM BANK )(ACCORDING NOMINAL A/C RULE
DEBIT ALL EXP &LOSSES, CREDIT ALL INCOMES AND
GAINS.INT,REC'D IS NOTHING BUT IT'S A GAIN SO WE CREDIT THE
INT A/C)
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