Answer Posted / naveen kumar.karumuri

HERE THE QUESTION IS "INTEREST PAID TO BANK" IT IS
THE "NOMINAL ACCOUNT PRINCIPLE"

CONDITION: DR-ALL EXPENSES ALWAYS DEBIT

CR-ALL INCOMES AND GAINS ALWAYS "CR"

HERE JOURNAL ENTRY IS AS PER GOLDEN RULE

DR INTEREST PAID A/C
CR BANK/CASH A/C
(BEING INTEREST PAID TO THE BANK A/C)

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