Question

paid to abhijeet and sons and receivex 10%cash discount by cheque​

Answer 1

Answer:

abhijit and son's

to cash alc

to discount received alc

Answer 2

Journal only with modern Approach

Explanation:

For Journal we have some basic rules

Decrease in Asset (Credit)

Decrease in Liability (Debit)

Income will be credited

Transaction: paid to abhijeet and sons and received 10%cash discount by cheque​

In Above Transaction there are 3 Aspects

Aspect 1.  we paid to abhijeet so abhijeet is our creditor and if we paid to

creditor (abhijjet and sons) that's means creditor will decrease and creditor is liability and Rule is  Decrease in Liability (Debit)

Aspect 2.  due to cheque paid Bank  will decrease and cash is asset and decrease in asset means debitwe Received cash discount and discount received is income

and rule is Income will be credited

Aspect 3. we Received cash discount and discount received is income

and rule is Income will be credited

Now main part of journal

Particular                                    LF          Dr.(Amount)       Cr.(Amount)

abhijeet and sons A/C    Dr.

         To Bank  A/C        

         To  Discount Received  A/C

(Being  paid to abhijeet and sons by Cheque and received Discount )

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