Question

Received a cheque of 94000 from shyam in full settlement of 95000

Answer 1

Answer:

bank a/c dr 94,000

discount allowed a/c dr 1,000

to Shyam a/c 95,000

Answer 2

Bank A/c Dr             94000

Discount given Dr      1000

To Shyam A/c          95000

(Being cheque received from Shyam in full settlement)

Explanation:

In this entry Cash comes in so it is debited, the discount is an expense so it also debited and Shyam is a debtor but now cheque is received so credited. Since he has paid the cheque of ₹94000 account is credited.

He was allowed a discount of ₹1000. When the asset decreases the account gets credited the same way when asset increases account gets credited.

Journal entries will consist of the following,

• the account and amount that will be credited

• the account and amount that will be debited

• the appropriate date

• a short description/reference/memo

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