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On may ,6 Cairo Amman bank/ Jabal Al Hussein branch receives a check of JD7000 from main branch to collect from the drawer (Ali) who has credit current account , the depositor of the check is salem who has debit current account in Cairo Amman bank / main branch
On may ,6 Cairo Amman bank/ Jabal Al Hussein branch receives a check of JD7000 from main branch to collect from the drawer (Ali) who has credit current account , the depositor of the check is salem who has debit current account in Cairo Amman bank / main branch . the debit side of the journal entry in Cairo Amman bank /main branch is:
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Credit current account – Ali |
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Debit current account – salem |
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Central bank |
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Cairo Amman bank – Jabal Al Hussein |
Expert Solution
Answer: Debit - Central Bank
Explanation:
The Main branch has to collect the amount from the Jabal Al Hussein branch and credit the proceeds to the current account of Salem.
All transactions between branches of the same bank are routed through the Central Bank [Head Office] account.
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