Question

received a cheque for 4500/- in full settlement of the account of Mr X at a discount of 10% and deposited the same into the bank journal entry​

Answer 1

Answer:

Bank accounts dr 4500

discount allowed dr 500

To mr.X 5000

Explanation:

Mr.X paid rs.4500 after deducting 10%dicount so he paid 90%amount Id 90%amount is 4500 then 100% amount is 4500÷90*100=5000