Question

journal entry of paid cash to shyam 21500and discount received 1000

Answer 1

shyam A/c Dr             22500 (balancing figure)
    To cash A/c                           21500
     To discount allowes A/c         1000 
(being cash paid to shyam)

Hope its useful

Answer 2

The answer is shown below:

Explanation:

The journal entry is given below:

Shyam A/c Dr $22,500

    To Cash A/c $21,500

    To Discount received A/c $1,000

(Being the cash is paid and the discount is also received)

Since the cash is paid which reduces the cash balance and discount received is an income which is also credited and the personal account should be debited  

The Shyam account would be the total of cash and discount received

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