Paid to madanlal rs.9800 in full setalment off rs.10000
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Paid to madanlal 9800rs
In full settlement of 10000rs..
Discount recieved= 10000-9800 = 200.
cash paid = 9800.
Reciever is Madanlal..
Entry is..
Madanlal a/c Debit 10000
To cash a/c. 9800
To Discount recieved a/c 200
(Being money paid back to madanlal)
Asset is decreasing.so Cash is credited..
Discount Receiver is an income..so it is credited
Madanlal is the receiver..so he is debited..
In full settlement of 10000rs..
Discount recieved= 10000-9800 = 200.
cash paid = 9800.
Reciever is Madanlal..
Entry is..
Madanlal a/c Debit 10000
To cash a/c. 9800
To Discount recieved a/c 200
(Being money paid back to madanlal)
Asset is decreasing.so Cash is credited..
Discount Receiver is an income..so it is credited
Madanlal is the receiver..so he is debited..
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