Give Journal Entry for "Interest Received from Bank"
and give description with Accounting rules
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Answer Posted / jitesh arora
Bank A/c-Dr
To Interest-Cr
(Being Int. Recd. From Bank)
(REASON-BECAUSE Interest comes in bank account so bank will be debited. so the rule is when cash,interest,cheque of parties comes in bank a/c then this case the bank will be debited)
Debit the reciever & Credit the giver.
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