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Answer Posted / rajendra shinde
balancesheet shows the financial position of company which
indicates by the Assets and Liabilities it is two part of
balancesheet which shows Incomes and Losses of that company
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Suppose My received Interest Income is 24934.59 And for the same time my Bank Charge total is 7785.19. Now the total Bank Charge will be deducted from Interest Income and the amount of (24934.59-7785.19)=17149.40 will be withdrawn to deposit in govt. Account.What will be the Journal Entry for 17149.40. Here, Already Bank Charge 7785.40 is Already Debited and 24934.59 is already credited in Journal.
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