cheque received from deewan rs.8500 and discount allowed rs.500 by cheque . cheque deposited in bank on the same day
Answers
Answer:
Bank a/c Dr. 8000
Discount allowed Dr. 500
To Deewan 8500
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Answer:
Bank a / c Dr . 8 0 0 0
Discount allowed D r . 5 0 0
To Deewan 8 5 0 0
Explanation:
Cash is frequently withdrawn from the bank for usage at the workplace. The amount is then entered in both the bank column on the payments side and the cash column on the receipts side. When cash is sent to the bank, the amount is noted in the bank column on the receipts side and the cash column on the payments side.
Contra entries are those that effect both the columns and sides of the cash book, i.e. Cash and Bank. It involves both accounts, namely cash and bank accounts. For example, cash withdrawn from a bank for use in the workplace or deposited at a bank.
When a cheque is received and placed in a bank, it is not considered cash.
Bank a / c Dr . 8 0 0 0
Discount allowed D r . 5 0 0
To Deewan 8 5 0 0
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