Question

N minago received an electronic funds transfer of 4500 from A grand, a debtor, in full settlement of her account of 5000. Both minajo and grand are not registered as VAT vendors. Which of the following is the correct option to record the receipt in the accounting records of N Minajo?
A Debit bank account ( 5000), creit debtors control (4500) and credit settlement discount granted account (500)
B. Debit Bank account (4500) credit debtors control (5000) and debit settlement discount received account (500)
C. Debit debtors control (5000) Credit debtors control (5000) and credit settlement discount received account(500)
D. Debit bank account (4500) credit debtors control account (5000) and debit settlement discount granted account (500)

Answer 1

Answer:

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