Question

How to write in journal that recieved a cheque from mahendra of 50000

Answer 1

Answer:

I received a cheque of 50000 from mahendra

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Answer 2

The Cheque received from Ram in full settlement means, the account shows a balance more than what has been received from him. Thus there is some what loss on this entry but since the complete details are not provided thus the entry for loss in this transaction may not be discussed. However the following journal entry may be passed:

Bank a/c. Dr.

Discount a/c or Loss on write off. Ram’s a/c (if Ram's a/c is Bad debt) Dr

Ram a/c. Cr.