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So, when there will be deposit any money in your bank account, it will show the message on your mobile that your bank account has credited with specific account. Because we are customer of bank but bank has deal us as the creditor. So, for showing their liability, they credited our account with specific amount. Same deposit account should be debited in our books for showing it as asset.
Posting of deposits to a regular bank account like current account or a cash credit account is never done through a journal entry under practical system of recording transactions. In addition to the regular bank accounts, there may be some other bank accounts. May be there is a SB account for some specific purpose, a fixed deposit account, a recurring deposit account, an auxiliary current account, a term loan account. If money is deposited in such accounts by transfer from accounts other than cash or regular bank account, the entries are initiated through Journal Entries.
ReplyDeleteDear Umasankar Misra, you are saying right. In current system of accounting software, we can use voucher entries instead of journal entries. But this content is basic knowledge to students. Even every accounting software also follows the double entry system whose effect will same as above. Second thanks for including other type transactions relating to deposits whose entry should also do like above entries.
ReplyDeleteIF WE DEPOSIT A CHEQUE IN OUR ACCOUNT OF OUR FINANCER PAYMENT SO WHAT WILL BE JOURNAL ENTRY IN OUR ACCOUNTING SOFTWARE ?
ReplyDelete