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What is the Journal entry if a Demand Draft is taken by
Company B on behalf of Company A? Company B has it's A/c
with Bank X. Company A has it's A/c with Bank Y.
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Answer / sumancwa
Company B is making payment on behalf of company A. Here Company A is getting Benefit.
Accounting Principles:
Personal Accounts: Debit the Receiver
Credit the Giver
Real Account: Debit what comes in
Credit what goes out
Nominal account: Debit the Loss and Expenditure
Credit the gain or Profit
According to above mentioned principles:
Debit: Company A (Based on Personal Account)
Credit: Bank X (Based on Real Account)
| Is This Answer Correct ? | 13 Yes | 1 No |
Answer / samson
If the Demand Draft is taken by company B, We have to pass
journal entry debiting Company A and crediting CompanY B's
Bank A/c.
Correct me if I am wrong, Pls.
| Is This Answer Correct ? | 12 Yes | 5 No |
Answer / naresh
1.A DD taken by company B & has a account in X Bank
2.that DD goes to company A & company A having it's account
in Y Bank. Jurnal Entry Shoud be like
Company B: Bank (x) Company A
CR DR
Company A: Bank (Y) Company B
DR CR
| Is This Answer Correct ? | 8 Yes | 4 No |
Answer / satyaki_raju@yahoo.com
Dear Suman is it necessary to write all those definitions
and rules. Answers should be accurate and briefYour entry
part is correct
| Is This Answer Correct ? | 1 Yes | 4 No |
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