bank account debit and interest payable credit
Journal entry:[Dr.]Bank account xxxx[Dr.]Cash account xxxxx[Cr.]Commission Received xxxxCommission received is credited because it is our income and incomes are credited.
The following entries you can pass while opening LC's. You can open a control account to maintain how many LC's are opening and settling Example ABC company establishing an LC on the Supplier XYZ company for $ 300,000 in SCT Bank You can open a control account to keep the track of all your LC Transactions is that is opening and closing First Entry: XYZ Company Dr $ 300,000 to SCT Bank LC Establishing Account $300,000(Control Account) Being LC establised in the SCT Bank Second Entry: When you accept the LC ( Liability) that means your goods reached your port and bank send you documents arrival advice SCT Bank LC Establishing Account $ 300,000 (Control Account) SCT Bank LC Acceptance Account $ 300,000 (Liability Created) Third Entry: SCT Bank LC Acceptance Account Dr $ 300,000 To SCT Bank Account (Amount Settled to Party) Fourth Entry Purchase A/c Dr $ 300,000 XYZ Company $300,000 First entry you debited Xyz Company and Fourh Entry you Credited First Entry You Credited SCT Bank LC Establishing Account and Second Entry you credited Second Entry you credited LC acceptance account and Third entry you debited Fourth Entry you Debited purchases and Credited Bank that means your total LC recorded from the opening to settling.
The journal entry would be: Bank A/c Dr To Cash A/c
By Cash a/c dr. 5000 By Tds receivable a/c dr. 500 To Debtors a/c cr. 5500Debit Loan Payable Debit Interest Expense Credit Paid in Capitaldebit the bank or cash and credit the supplier or the party from whom we received the cheque or cash.Journal entry: [Dr.]Bank account xxxx [Dr.]Cash account xxxxx [Cr.]Commission Received xxxx Commission received is credited because it is our income and incomes are credited.
Journal entry for opening a bank account
Journal entry:[Dr.]Bank account xxxx[Dr.]Cash account xxxxx[Cr.]Commission Received xxxxCommission received is credited because it is our income and incomes are credited.
The following entries you can pass while opening LC's. You can open a control account to maintain how many LC's are opening and settling Example ABC company establishing an LC on the Supplier XYZ company for $ 300,000 in SCT Bank You can open a control account to keep the track of all your LC Transactions is that is opening and closing First Entry: XYZ Company Dr $ 300,000 to SCT Bank LC Establishing Account $300,000(Control Account) Being LC establised in the SCT Bank Second Entry: When you accept the LC ( Liability) that means your goods reached your port and bank send you documents arrival advice SCT Bank LC Establishing Account $ 300,000 (Control Account) SCT Bank LC Acceptance Account $ 300,000 (Liability Created) Third Entry: SCT Bank LC Acceptance Account Dr $ 300,000 To SCT Bank Account (Amount Settled to Party) Fourth Entry Purchase A/c Dr $ 300,000 XYZ Company $300,000 First entry you debited Xyz Company and Fourh Entry you Credited First Entry You Credited SCT Bank LC Establishing Account and Second Entry you credited Second Entry you credited LC acceptance account and Third entry you debited Fourth Entry you Debited purchases and Credited Bank that means your total LC recorded from the opening to settling.
The journal entry would be: Bank A/c Dr To Cash A/c
interest allowed by bank
deposited money is credited to your concern bank account
By Cash a/c dr. 5000 By Tds receivable a/c dr. 500 To Debtors a/c cr. 5500Debit Loan Payable Debit Interest Expense Credit Paid in Capitaldebit the bank or cash and credit the supplier or the party from whom we received the cheque or cash.Journal entry: [Dr.]Bank account xxxx [Dr.]Cash account xxxxx [Cr.]Commission Received xxxx Commission received is credited because it is our income and incomes are credited.
interest charged to bank accounts
Debit Bank Account - Assets Credit Bank Loan Account - Liability
When the money for the loan is received it is recorded as cash. Payments are not recorded until the actual payments are sent out. This will be recorded as a debit to a loan expense account and credited directly to cash. The interest is debited directly to an interest expense account and credited directly to cash for the same payment. A compound entry can be used for this purpose. There is no loan payable or interest payable accounts for cash basis accounting.
Journal entry for opening a bank account
Interest earned in a bank account is not an investment. It is considered an income. The money that you have in the bank account that earned the interest for you is considered the investment
To record the opening of a bank account with Nepal Bank Ltd. with a deposit of Rs 60,000, you would typically use the following journal entry: When opening the bank account: Debit: Bank Account (Asset) - Rs 60,000 Credit: Cash or Bank (Asset) - Rs 60,000 This entry represents the transfer of cash from the cash account (or another bank account) to the newly opened bank account at Nepal Bank Ltd.