Ask Experts Questions for FREE Help !
Ask
    shraya's Avatar
    shraya Posts: 4, Reputation: 1
    New Member
     
    #1

    Mar 22, 2012, 10:34 PM
    Interest income of rs 1000 received on bank balance
    Please reply soon just to clear my douts
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #2

    Mar 23, 2012, 11:04 AM
    Debit Cash for 1,000
    Credit Interest Revenue for 1,000
    shraya's Avatar
    shraya Posts: 4, Reputation: 1
    New Member
     
    #3

    Mar 24, 2012, 10:10 AM
    Hi,
    Thanks for reply. But why here cash debited why not bank ,please ans
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #4

    Mar 26, 2012, 10:09 AM
    A cash increase to a company is a debit (your Company), while a cash decrease will be a credit (Bank).

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

F-1 Non-Resident Alien - Bank Interest Income - State Taxes [ 3 Answers ]

Hi, I know that bank interest income, while on F-1 non-resident alien status, is exempt for federal taxes. How about state and city taxes? Thanks!

Interest received is income or exp or asset or liabilites [ 3 Answers ]

What is inventory? Inventory is asset liabilities and income, expenses

Foreign Earned Income & Bank Interest [ 17 Answers ]

Hi, I am checking this for my married friends who are US citizens. They have been filing their foreign earned income jointly (Form 2555EZ) with the bona fide status since 2007. 1. One of the couple changed job last year so does he need to file 2 separate forms of 2555EZ for each employer's...


View more questions Search