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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 Posted / 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)
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