Question

Paid cash to Ghanshyam Rs 40000 in full settlement of his account​

Answer 1

Answer:

Explanation:

GhanshyamA/C________dr.

To discount received A/ C

To cash A/C

MARK AS BRAINILEST

Answer 2

Answer:

3 golden rules

• debit the receiver , credit the giver

• debit what comes in , credit what goes out

• debit all the expenses and losses , credit all the incomes and gains

Question analysis

3 accounts affected

bank A/c - personal A/c , where bank is giver its credited as per rules

ashok a/c - personal a/c , hes the receiver of cash therefore hes debited as per rules

discount received - nominal account - its a income therefore its credited

Journal entry

Ashok A/c Dr 13500

To Bank A/c 13000

To discount received A/c 500

(Being full settlement made to ashok )

Explanation: