Question

a) Amount received from Manmohan Rs 1960
discount allowed rs 40
b) amount paid to Anand rs 5840
discount allowed rs 160
journal entries

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Answer 1

Answer:

a) cash A/C Dr 1960

Discount A/C Dr 40

To Manmohan A/C 2000

(Being cash received from manmohan and discount allowed)

b) Anand A/C Dr 6000

To cash A/C 5840

To discount A/C 160

(Being cash paid to Anand and discount received)