Question

Issued cheque to swami and co. Rs 4900 and he allowed us discount of 100

Answer 1

Explanation:

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Total amount = 4900 + 100 = 5000₹

Entry:-

Swami a/c Dr 5000

To Discount a/c 100

To Bank a/c. 4900

(Being cheque issued to Swami and received discount of 100₹)

Rule applied:-

• Credit the income and gain and what goes out

(Here discount is gained and bank balance is going out )

Answer 2

Explanation:

Swami and co A/C 5000

To Discount A/C 100

To bank A/C 4900

(Being issued cheque to Swami and co with discount)

Hope it helps

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