Question

Drew from bank for private use
Paid to Shankar 5000 and he allowed discount of 100
( state which is receipt ,which is payment ,which is contra entry)

Answer 1

• Journal entry of widrawl from bank is

cash a/c........Dr.

to bank a/c........

therefore cash account will goes to receipt side and bank account will goes to the payment side

• journal entry for cash given to Shankar is

Shankar a/c.....Dr

To cash a/c..........

therefore cash account goes to payment side and Shankar account will goes to receipt side.