Question

journal entry for RAJ & CO PAID ON ACCOUNT​

Answer 1

Answer:

As Raj is our liability and whenever there is an increase in liability we credit the account. So when we have to bring a liability to end we will have to Debit it . That means we have to Debit Raj by certain amount.

We will pay cash to Raj . Cash is an asset . When asset decreases , we have to credit it by certain amount.

We owed to Raj Rs 5000

We had paid Rs 4950 to him in full settlement

That means we have received a discount of ( 5000- 4950 ) Rs 50 . This Rs 50 is our gain and according to rules of accounting we have to credit all incomes and gains . So we will have to credit discount received account

The journal entry would be

Raj A/C ….. Dr 5000

To cash A/c. 4950

To discount received A/C 50

Explanation:

I hope this helps you

Answer 2

Answer:

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