Question

discount received journal entry​

Answer 1

Answer:

cash a/c dr

to discount a/ c

Answer 2

Journal entry

Explanation:

                              Books of (--- Limited)

                                 Journal entry

Date       Account Title and explanation     Debit   Credit

           Cash/Bank                 A/c Dr.                    xxx

               To Discount Received       A/c                        xxx

                    (Being amount received as discount )

Explanation: Discount received is a profit for the business, so the discount received will be credit.

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