Question
What are Compound Journal Entries? Give an example.
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Answer
Compound Journal Entry: Compound Journal entry is a Journal entry in which more than two accounts are affected, i.e., one or more accounts are debited and/or one or more accounts are credited or vice versa. For example, a sale of 5,000 is made to Satish. It is discharged by Satish by paying ₹ 2,000 in cash, balance to be paid later.
Entry for the transaction is a compound entry as follows:
Entry for the transaction is a compound entry as follows:
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