Accountancy, asked by studyqueen59, 1 year ago

creditor: ashok 13,500

what is the journal entry for -

paid to ashok by cheque in full settlement of his account - 13,000

Answers

Answered by sujiritha95
22

3 golden rules

• debit the receiver , credit the giver

• debit what comes in , credit what goes out

• debit all the expenses and losses , credit all the incomes and gains

Question analysis

3 accounts affected

  • bank A/c - personal A/c , where bank is giver its credited as per rules
  • ashok a/c - personal a/c , hes the receiver of cash therefore hes debited as per rules
  • discount received - nominal account - its a income therefore its credited

Journal entry

Ashok A/c Dr 13500

To Bank A/c 13000

To discount received A/c 500

(Being full settlement made to ashok )

Hope its useful..!!

Answered by XThakurJIX
1

Answer:

3 golden rules

• debit the receiver , credit the giver

• debit what comes in , credit what goes out

• debit all the expenses and losses , credit all the incomes and gains

Question analysis

3 accounts affected

bank A/c - personal A/c , where bank is giver its credited as per rules

ashok a/c - personal a/c , hes the receiver of cash therefore hes debited as per rules

discount received - nominal account - its a income therefore its credited

Journal entry

Ashok A/c Dr 13500

To Bank A/c 13000

To discount received A/c 500

(Being full settlement made to ashok )

Explanation:

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