Question

payment of rupees received from mr A 20000 discount allow him to 2000​

Answer 1

Answer:

cash a/c......Dr. 18,000

discount a/c......Dr. 2000

To Mr A a/c. 20,000

Answer 2

journal entry for received from Bharat cash 20000 allowed him discount rupees 500 will be ;

cash a/c dr 20,000

discount a/c dr 500

to Bharat a/c 20,500.

(being cash received from bharat and allowed him 500 discount)

reason for debit and credit;

...cash is coming into the business so it will be debited.

...giving discount is an expence for business so, it will be debited.

...giver of cash is bharat so, it will be credited..