received cash from vipul 4800 and discount allowed to him 200
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Your Entry will be
Cash A/c Dr ₹ 4800
Discount allowed Dr ₹ 500
To Vipul's A/c ₹ 5000
(Being cash received from vipul and discount allowed )
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your journal entry will be:
cash a/c. Dr. 4800
discount allowed a/c. Dr. 200
to Vipul a/c. 5000
(being Mr Vipul cash paid in full settlement)
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