Question

pass the journal entry for jaya pays by cheque at 10% discount

Answer 1

Answer:

Creditors a/c dr.

To bank a/c

To disc. received a/c

Explanation:

As jaya pays the amount by cheque her bank a/c will be credited (as it is a real account) and disc. received a/credited (as it's a nominal account and all gains are credited) and finally creditors will be debited with the value (original value -10% discount)