Q. What are compound Journal Entries?
Top Answer
Solution:
When a single transaction affects multiple accounts simultaneously and cannot be recorded using a simple journal entry with just one debit and one credit is known as compound Journal Entries.
Example
Received commission Rs. 5,000 and Interest Rs. 4,000.
Cash A/c……………………. Dr. 9,000 [5000+4000]
To Commission………… 5,000
To Interest………………… 4,000
Related Links
- Who is known as the father of Accountancy?
- What are the differences between the Straight Line and Diminishing Balance methods of charging Depreciation?
- What are compound Journal Entries?
- What is Journal Entry?
- What is Cash Book in Accounting?
- What is a Cash Transaction?
- What is Bookkeeping?
- What are the different methods of calculating Depreciation?
- What is depreciation?
- Differences between an Acid and a Base
- Suggest three ways to conserve water.
- Write any two reasons for land degradation today.
- What is resource conservation?
- Define sustainable development.
- How many parts of natural resources? Explain them.
- Describe the human resource.
- Coal and petroleum are examples of _____ resources.
- What are the differences between natural and human-made resources?
- What are the properties of acids?
