Question

journal entry allowed him discount 5 ​

Answer 1

Answer:

While posting a journal entry for discount allowed “Discount Allowed Account” is debited. Discount allowed acts as an additional expense for the business and it is shown on the debit side of a profit and loss account.

Answer 2

Answer:

While posting a journal entry for discount allowed “Discount Allowed Account” is debited. Discount allowed acts as an additional expense for the business and it is shown on the debit side of a profit and loss account.