Question

Paid Anand RS.4800 in full settlement. pass journal entry but mujhe amount mein hi doubt hai , journal entry mujhe pta hai.​

Answer 1

Explanation:

according to given transaction,Raj is a creditor for business . it means that we have to pay certain amount to raj.Hence, raj is the receiver .so according to personal account debit :-the receiver.similarly he will have been receiving Rs 5000 but we paid only Rs 4950 . Cash goes out from the business,so it is under the real account.according to real account cr:—what goes out . Similarly we got profit of rs 50 .but it shouldnot treated as profit and loss account.its treated as discount account rs50.

Lets see the journal entry

Raj a/c………………………Dr Rs 5000

To cash a/c ………. …………………Rs4950

To discount a/c ………………….….Rs50

(Being paid cash to Raj in full settlement of his account)

Answer 2

Hlo sister you are here