Question

journalise cash received from Ramesh 29,500. Discount allowed 500

Answer 1

Answer

Your Entry will be

Cash A/c                      Dr      ₹ 29,500

Discount allowed A/c  Dr      ₹ 500

          To Ramesh's A/c                  ₹ 30000

(Being Cash received from ramesh and Discount allowed)

                                                                                                           

Answer 2

Answer:

On the debit side, the cash account and discount allowed will be debited by 29500 and 500 respectively and Ramesh's account will be credited.

Explanation:

Cash A/c                                                     Dr       29,500

Discount allowed A/c                                    Dr      500

   To Ramesh's A/c                                                           30000

( being discount allowed to Ramesh)

Meaning of Journal:

• Journal is a book in which monetary transactions are noted down for the first time in chronological order.
• The word Jour in Journal is derived from the French word which means diary.
• A journal records both debit and credit aspects of transactions according to the double entry system.
• It provides a basis for posting into the ledger.
• The transactions are recorded on a permanent basis which acts as evidence in case of emergency.
• Each entry in the journal is followed by a brief explanation of the transactions which is called Narration.

#SPJ5