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Hi Everybody,
1). Can anybody tell me the Journal entry for Bank charges
Rs.100 and under which account it will come.
2). Received interest from Bank what is the journal entry,
under which account it will come,
Awaiting for soonest reply,
Thanks,
Khan
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Answer Posted / aarohi malhotra
Since "bank charges" are an expense because we have to pay it indirectly from our bank A/c.....therefore expense is always a debit and the bank indirectly becomes the giver since bank itself has to deduct the money from our A/c and has to pay it for the charges so it is credited..
Therefore we conclude that the first entry should be as follows :-->>
Bank charges A/c -------------- Dr. 100
To Bank A/c. 100
(Being, bank charges paid)
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