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Why is Interest A/c debited and Bank a/c credited when
interest is charged by the bank??
Here I assume Its an expenses so interest is debited but I
don't understand why bank is credited?? Bank is a personal
account. Please explain this doubt?
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Answer Posted / vignesh
in real interest charged by banker, who get money from us,
so bank account will credit to show balance reduced. then it
will appear in asset side and expense debited would reduce
profit it will shown in liability balance sheet will agree
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I TRANSFERRED A STOCK OF RS. 100.00 FROM HEAD OFFICE DELHI TO MFG. UNIT OFFICE AT HARYANA AGST FORM F.AT BRANCH GOODS ARE PROCESSED AND ADDED VALUE OF RS. 80.00 AND TRNF BACK TO DELHI HEAD OFFICE FOR RS. 180.00 AGST FORM F FROM HARYANA . AND HEAD OFFICE SOLD THIS TO PARTY AT RS. 200.00 . I WANT TO KNOW HOW TO MAKE ACCOUNTING ENTRIES IN BOTH BOOKS HEAD OFFICE AND BRANCH OFFICE. TO SETTEL ACCOUNT AND TO CONSOLIDATE THE BOOKS AT THE END OF YEAR.
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