Question
Prepare a Compound Entry with the help of imaginary figures and show its posting.
✓
Answer
When in a Journal entry, two or more accounts are debited and only one account is credited or vice versa, the entry is termed as compound journal entry. In case of posting of a compound journal entry, posting has to be made in all the accounts whether debited or credited in the entry. For example, if on 10th April 2017, cash received from Gopal & Co. is ₹ 14,800 and discount allowed to them is ₹ 200, the compound entry and the Ledger Accounts will be as follows:
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