pass journal entry Issued cheque for Rs.8800to ashok in full settlement of his account.
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what is your question bro
tnaaz237:
what is journal entry .
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For this Journal Entry we need to know the actual amount that Ashok Owes originally. This will help us understand the discount that Ashok got and how much money did Ashok not have to pay. So barring the amount, the Journal Entry would be
Cash a/c Dr 88,000
Discount Allowed a/c Dr Unknown
To Ashok a/c Unknown
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