Question

received a draft from deepak sethi and deposited it into bank and discount allowed ​

Answer 1

Answer:

Assumed Fact for understanding: The cheque is received. Full and final settlement is received but deducted some amount towards discount say 10% out of Rs.100.00 due. Then journal entry under double entry system is: Dr. Bank a/c no. of so and so Bank by Rs.90.00; Dr. Discount A/c Rs.10.00; Credit Ram's A/C Rs.100.00. Narration would be : Ram settled his account in full and final by paying by cheque no. ..... dt....... for Rs90.00 drawn on ........ bank...... Branch after deducting discount of Rs.10.00 @ 10 % of due amount as agreed.

Answer 2

Answer:

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