Question

Mr.x is paid RS.5000 in full settlement against his bill of RS.8000. journalise the following transaction

Answer 1

Answer:B/p a/c dr.8000

To bank a/c 5000

To discount received a/c 3000

Explanation:

Answer 2

Cash  A/c ........Dr                   5000

Discount Allowed  A/c ........Dr           3000

   To Mr X  A/c                                        8000

( Being Mr X paid in cash ,

 allowed him discount )