IndigoLearn

Forums

All Topics Accountancy Auditing Corporate & Other Laws Direct Taxation Indirect Taxation Financial Management Economics Costing Strategic Management Maths & Stats Exams Others AFM Financial Reporting CFA Level I

Bill of exchange (renewal)

Accountancy

In this question, is it mandatory to write those 2 entries i.e 1 entry for interest due and another entry for receipt, Or is it enough if I write this entry:- Bank a/c. Dr 51500 To interest a/c 1500 To Rita a/c. 50000

Monisha KM

CA Inter

★ 825

06-Aug-22 12:28

138

Answers (4)

Yes.You should show how much interest is due.Then only you can record receipt entry.You will do this to show more clarity on your understanding of the concept.