Journal Entry and Ledger Posting for Receipts from Sundry Debtors through Bank Account.

Sundry Debtors are those persons, to whom Goods or Services are sold on Credit basis.

Payment against that Goods or Services sold are received from Debtors after the date of Sale Proceeds.

Payments are received through Cash or Bank Account.

Let's discuss when payments are received through Bank Account from Sundry Debtors.

When payments are received through Bank Account from Debtors,

• Bank Account shows Debit effect and,

• Sundry Debtors Account shows Credit effect.

Journal Entry

Ledger Posting

In Bank Account

In Sundry Debtors Account

Example : 

In the Books of M/s.Swastik Store, amount received from Arjun Singh(Sundry Debtor) vide UPI Ref No.1002003 for ₹17,900/- on dt.20/09/2023 credited into HDFC Bank CA No.0023.

Pass necessary Journal Entry and post them into their respective Ledger Accounts for the above transaction.

In this transaction.

Debit Ledger is :

• HDFC Bank CA No.0023
  

Credit Ledger is :

• Arjun Singh Account.

Journal Entry

Ledger Posting

In HDFC Bank CA No.0023

In Arjun Singh Ledger Account.

Related Articles :

PRACTICAL PROJECTS

Types of Account

Debit and Credit Rule

Double Entry System of Book Keeping

Journal 

Ledger 

Trial Balance

Trading and Profit & Loss Account

Balance Sheet

Bank Reconciliation Statement