Question

Receive from pratap 5450
Allowed him discount 50

Answer 1

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"Journal Entry" For Above Transaction :-

↪️ Cash Ac Dr.....5450/-

Cash Discount Ac Dr....50/-

To, Prakash Ac Cr...5500/-

[ Being Cash Received from Pratap and allowed him Cash Discount ]

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Answer 2

Answer

Golden Rules of Journal

Personal account rule

Debit- The receiver.  

Credit- The giver.  

Real account rule

Debit- What comes in.  

Credit- What goes out.  

Nominal account rule

Debit- All expenses and losses.  

Credit- All incomes and gains.  

Now

The journal entry will be

Cash A/C        DR                ₹ 5450

  Discount Allowed A/C   DR   ₹ 50

           To Pratap   A/C                    ₹ 5500

(Being  Cash Recieved from Pratap and discount allowed)