Question

Payment made to Creditors in full Settlement Rs. 17,500

Answer 1

Answer:

creditors a/c

to bank / cash a/c

to discount received a/c

Answer 2

Journal entry

Explanation:

                                 Books of (----Limited)

                                     Journal Entry

Date         Account Title and Explanation       Debit   Credit

               Creditor                              A/c  Dr.     17,500

               To Cash / Bank                 A/c                         17,500

              (Being amount 17,500 paid for full settlement)

Note: Cash goes out of the business so. cash account will be credit and the creditor account will be debit.

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