Friends, in this clip, we will learn from you that the
person from whom we bought the loan, when we will pay him,
sometime or the other we will have to do it, so what will
we do by entering him at the time of payment.
Like in previous clips, I told you that we bought goods
from Subhash for Rs. 12,000.
We bought goods from Subhash for Rs. 12,000.
So what did we enter?
We saw that it will affect the purchase account, and there
will be a liability called Subhash.
Purchase is an expense, if it increases, we will debit it,
and Subhash is a liability, if it increases, we will credit
it.
We had entered, purchase account, debit to Subhash account,
Rs. 12,000.
Now we will make a payment.
Now we will say, come and take your payment, which is your
account, Rs. 12,000.
We are ready to pay you, we give you your Rs. 12,000, we
will call them.
Let's see the payment entry.
Do you know what we call people from whom we buy loans?
Creditor.
The person whose loan will be on our head, what will we
call him?
Creditor.
We have a liability called Subhash on our head, so what
will we call Subhash?
Creditor.
We have a liability called Subhash on our head, so what
will we call him?
Creditors.
And now we are going to make a payment to the creditors.
Now is the time to make payment to the creditors.
Next entry.
Payment made to Subhash.
Rs. 12,000.
And payment made by cheque.
Payment made by cheque to Subhash.
Sir, if we do UPI instead of cheque, online payment, net
banking, it is still the same thing.
It is still the same thing.
When am I saying no?
It is still the same thing.
If any amount is deducted from the bank, the entry will be
in the same way as we are going to do now.
Yes, sir.
Okay.
Good.
So, friends, which two accounts are involved here?
Which two accounts will be affected?
Tell me.
Sir, one thing is simple.
No nonsense.
The balance of our bank account will be reduced.
The balance of the bank account will be reduced.
Ask why?
Will you make a payment?
Is it a question to ask?
Sir, you are also saying, ask why?
So I am saying, don't ask next time.
Okay, sir.
And after that, after that, after that, after that, your
liability called Subhash will also be reduced.
Oh, yes, sir.
Yes, sir.
There was a loan.
I paid the loan.
So now your liability called Subhash will also be finished.
The liability called Subhash will also be reduced.
It will also be reduced.
If the asset called the bank will be deducted, the loan
will also be deducted along with it.
If the money will go from the pocket, then the worry will
also be removed.
That you don't have to pay now.
Okay, sir.
So, friends, if the asset is deducted, what happens?
Credit.
Sorry.
And if the liability of Subhash is reduced, then debit.
Debit when the liability is reduced and credit when the
asset is reduced.
Okay, sir.
Okay, so let's write on the second number by formatting it
well.
Date
Particular
Amount in Rupees
Subhash
For example, there is a transaction on the 20th.
April 20, 2023
If the liability is reduced, then we will debit.
We will debit the Subhash account.
Subhash Account Debit
And if the asset called the bank is deducted, then we will
credit it.
To Bank Account
Subhash Account Debit
To Bank Account
We will have this entry.
How much money?
Twelve thousand
Subhash Account Debit
To Bank Account
We will write below
Liability of Subhash
Cleared
Liability of Subhash
Cleared We have cleared the liability called Subhash.
Okay, sir.
So, friends, this was the payment entry.
Now, by checking or online
Not through the bank
If we were doing this payment with cash
Then there would be only a small difference
That the Subhash account would have been debited.
Liability would have been reduced.
But instead of bank balance
Cash balance would have been reduced.
So, instead of two banks
We would have written two cash accounts.
Then this difference would have come.
Okay? Okay, sir.
Let's go.
Thank you.