cheque received from mohan for rupees 1000 make journal entry
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Answer:
What is the journal entry for cash received from Mohan in a full settlement of his account?
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5 Answers
Prem Jhamnani, FIII, Studying TYBcom, Loves accounting, Techvisor
Updated May 11, 2019·Author has492answers and786.6Kanswer views
Cash received from Mohan in full settlement of his account
The journal entry would be as follows:
Cash a/c dr
Discount allowed a/c dr
To Mohan’s a/c
Cash is real a/c and comes in so debited
Discount allowed is expense and nominal a/c so debited
Mohan was the asset (debtor) before but now cash is received so credited
Explanation:
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Answer:
What is the journal entry for cash received from Mohan in a full settlement of his account?
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5 Answers
Prem Jhamnani, FIII, Studying TYBcom, Loves accounting, Techvisor
Updated May 11, 2019·Author has492answers and786.6Kanswer views
Cash received from Mohan in full settlement of his account
The journal entry would be as follows:
Cash a/c dr
Discount allowed a/c dr
To Mohan’s a/c
Cash is real a/c and comes in so debited
Discount allowed is expense and nominal a/c so debited
Mohan was the asset (debtor) before but now cash is received so credited