Received Cheque and Deposit into Bank-Analysis of Transaction -13
Received cheque as full payment from Rajani Enterprises and deposited same day into the bank
Analysis of transaction :
- Increase assets (Bank) on the one hand and
- decreases assets (Rajani Enterprises as debtors) on the other hand.
- Increase in assets is debited whereas
- decrease in assets is credited.
Journal
Debit to Bank account and credit to Rajani Enterprises account.
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