debit the bank or cash and credit the supplier or the party from whom we received the cheque or cash
suman
debit bank 48650debit cash discount 2000Credit porter 50650
cash A/c..................... Dr.. To Party's Name A/c................... Cr..
debit cash receivedcredit accounts receivable
There will be no entry in cash book when cheque is paid into bank if cash was deposited into bank then there will be entry in cash book
The journal entry for a cheque issued to you by Ganesh would typically involve recording the receipt of cash or bank deposit. The entry would be: Debit Cash/Bank Account and Credit Ganesh's Account. This reflects the increase in your cash or bank balance due to the cheque received from Ganesh.
Bank a/c ... Dr To cash a/c Cr
suman
debit bank 48650debit cash discount 2000Credit porter 50650
cash A/c..................... Dr.. To Party's Name A/c................... Cr..
debit cash receivedcredit accounts receivable
There will be no entry in cash book when cheque is paid into bank if cash was deposited into bank then there will be entry in cash book
[Debit] Bank account [Credit] Cash account
Debit cash / bankCredit owners capital
Dr cash/bank Cr discount received
Banks have taxes.
[Debit] Cash / bank [Credit] Services revenue