Question

paid cash to shyam 2,150 discount allowed by him 100

Answer 1

shyam A/c Dr  2250 
   To discount A/c         100
    To cash A/c             2150
(being paid to shyam)

Answer 2

Shyam A/c…Dr      2250

To Discount A/c              100

To Cash A/c                      2150

(Being cash paid to shyam)

Explanation:

 Here in this particular question we are paying cash of 2150 rupees with discount allowed of 100 rupees from Shyam. Since Shyam is a creditor and creditors are a current liability we will debit Shyam's account because when creditors decrease we'll debit all credit nature items and when they increase we will credit them that is the basic rule of accounting.

We are creating discount as we are getting an indirect income of hundred rupees and cash created due to the fact that cash is an asset and when assets decrease we credit them.

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