journal entry #cheque recieved from deepu 2000and discount allowed to him rs 200
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Golden Rules of Journal
Personal account rule
Debit- The receiver.
Credit- The giver.
Real account rule
Debit- What comes in.
Credit- What goes out.
Nominal account rule
Debit- All expenses and losses.
Credit- All incomes and gains.
Now
The journal entry will be
Bank A/C DR ₹ 2000
Discount allowed A/C DR ₹ 200
To Deepu's A/C ₹ 2200
(Being cheque recieved from deepu ₹ 2000 and discount allowed to him ₹ 200)
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