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What is compound journal entry

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Solution

Dear Student


A simple journal entry is an entry in which one account is debited and one account is credited. Now in a case when in a single journal entry if more than one account is debited or more then one account is credited then it is called compound journal entry.

For E.G : -
Compound Journal entry for:- Total Salary paid RS. 700 including prepaid salary RS. 200.
Salary A/c Dr. 500
Prepaid Salary A/c Dr. 200
To Bank A/c 700
(Being salary paid including advance salary)


Regards

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