what is journal entry for "Interest allowed by bank" and where does it come in pass book??
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Answer Posted / satish
Assume that interest paid by bank
In pass book it shows "interest" on credit side.
In the books of company journal entry is :-
Bank a/c ..Dr rs.50/-
To interest(indirect income) a/c... Rs.50/-
| Is This Answer Correct ? | 36 Yes | 5 No |
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