cash received from kumar Rs.14,950 allowed him discount Rs.50 what is the journal and ledger and trial balance entries ?
Answers
Answer: Cash a/c Dr 14950
Discount allowed a/c Dr 50
To Kumar 15000
Here goes nothing...
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Journal entry for received from Kumar cash 14,950 allowed him discount rupees 50 will be :
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cash a/c dr 14,950
discount a/c dr 50
to Kumar a/c cr 15,000
(being cash received from Kumar and allowed him 50 discount)
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¤ reason for debit and credit;
...cash is coming into the business so it will be debited.
...giving discount is an expense for business so, it will be debited.
...giver of cash is Kumar so, it will be credited..
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Ledger
Cash Account
Debit । Credit
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। Kumar । 14,950 । । ।
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Sales Discount Account
Debit । Credit
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। Kumar । 50 । । ।
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Kumar Account
Debit । Credit
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। । । Cash । 14,950।
। । ।Discount । 50।
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Trail Balance
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। Description । Dr । Cr ।
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। Cash । 14,950। ।
। Discount । 50। ।
। Kumar । ।15,000।
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। Total ।15,000।15,000।
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Hope it helps
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