Question

payment made to Jacob by cheque rs.95 and discount allowed rs.25 .
Make journal entry​

Answer 1

Explanation:

Jacob by cheque Dr

to discount allowed

to cash ac

Answer 2

Answer:

Jacob a/c________dr 120

To Bank a/c 95

To discount received a/c 25

( Being paid to Jacob by cheque and discount received. )

Explanation:

Jacob a/c is personal account and it rule is Debit the receiver and Credit the giver.

So here we are paying to Jacob.

And payment is made by cheque so, it will be bank a/c. Discount received is also credited. Where as Discount allowed is debited.