Question

Give the journal entry -
Received a cheque from Shiv and Co to whom goods were sold for ₹3000 last year. Allowed him 2% discount
Plz solve this one....

Answer 1

Answer:

bank ac dr 2400

discount received ac dr 600

To shiv and co ac 3000

Answer 2

Answer:

Bank a/c dr 2940

Discount allowed a/c dr 60

To shiv and company a/c 3000

Explanation:

cheque was recieved therefore bank account will be debited. Here discount means cash discount so 2%of 3000 is 60 .