Question

Paid mohan rs.500less discount at 2 percent

Answer 1

Answer:

mohan 500

to cash 490

to discount 10

Answer 2

Discount at 2%

Explanation:

Given:

Discount rate = 2%

Amount paid = 500

Computation of discount:

Discount = Amount paid × Discount rate

Discount = 500 × 2%

Discount = 10

                        Books of (--- Limited)

                             Journal entry

Date    Account Title and Explanation   Debit   Credit

             Mohan             A/c  Dr.                 500

              To cash          A/c                                      490

              To discount    A/c                                        10

             (Being paid to mohan at 2 % discount)

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