Journal Entry for Payment for Expenses
In this article we would discuss
the journal entry for payment of expenses. The expense shall be debit as
increase and payment shall be credited. There are two possible ways of paying
the expenses i.e. cash payment and bank payment.
Journal Entry for Payment of Expenses- Bank
Journal for bank payment of
expenses shall be recorded by debiting the expense and crediting the bank. Expense
is debit being increase in expense, while bank is decrease as decrease in
asset.
Date
|
Particular
|
Ledger Folio
|
Dr.
|
Cr.
|
Expense
|
xxx
|
|||
Cash
|
xxx
|
Journal Entry for Payment of Expenses- Cash
Journal entry for cash
payment of expense shall be recorded by debiting the expense and crediting the
cash. The expense is debited being increase and cash is credited for a decrease
in asset.
Date
|
Particular
|
Ledger Folio
|
Dr.
|
Cr.
|
Expense
|
xxx
|
|||
Cash
|
xxx
|
Examples of Journal Entries of Payment of Expenses
1. Payment
of Salary in cash 10,000/-
2. Payment
of Repair through cheque 12,000/-
The above transaction shall
be recorded by debiting the expense and crediting the cash/bank as shown below;
Date
|
Particular
|
Ledger Folio
|
Dr.
|
Cr.
|
Salary
|
10,000
|
|||
Cash
|
10,000
|
Date
|
Particular
|
Ledger Folio
|
Dr.
|
Cr.
|
Repair
|
12,000
|
|||
Cash
|
12,000
|
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