Journal entry for "paid cash 40000 to suresh and availed discount of 2% "
Answers
Answered by
1
The journal entry for this transaction will be Suresh Account Debit 40,000 to Cash Account Credit 39,200.
As 2% is the discount on 40,000, the discount here is 800 and the remaning account is 39,200.
The discount which 800 is not included in the journal entry, neither on the debit side nor on credit side.
Similar questions