pass the necessary journal entries for the following transaction received the cheque from Ramesh to home goods were sold for rs 12000 last year and out 1 % discount on payment.........
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I think it is clear now
again have a double text me
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at the time of selling the goods the journal entry was
Ramesh dr
To sales
now it will be
Bank ac dr
To ramesh
since theres a discount allowed it would be
bank dr 11,880
bank dr 11,880discount allowed dr 120
bank dr 11,880discount allowed dr 120 To ramesh ac 12,000
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