Question

received cheque from poonam -24,500
allowed her discount-1500
journal entry for this?

Answer 1

given "received cheque from poonam -24,500
allowed her discount-1500"

So by total receivable (from poonam) = actual amount + Discount allowed= 26000

actual amount recieved by Cheque= 24500

Discount allowed= 1500

So the current transaction affects three accounts...

Discount allowed account(Discount allowed to an extent of 1500 ,Bank account(amount to an extent of 24500 is recieved in the form of Cheque), poonam account(poonam owes us money and she z paying back)...

Discount allowed account is a nominal account (coz its a loss to us ; all losses Gains income expenses come under nominal account)

Poonam account is a Personal account (as the name suggests)

Bank account is a real account.(Bank balance is an asset ; all assets and Liabilities come under Real account)

The Three golden rules of accounting are..

Personal account - Debit the receiver ,credit the giver

Real account - Debit what comes in ,credit what goes out

Nominal account - Debit All expenses and losses credit , All incomes and gains

Discount allowed and Bank accounts are to be debited..(expense ; money is comingin)

Poonam account should be credited (poonam is giving/the giver)

So the Journal Entry will be...

Bank a/c Dr 24500

Discount Allowed a/c 1500

To Poonam a/c. 26000

(Being poonam's account settled)

Answer 2

Answer:

Creditors/Bills Payable Poonam A/c __Dr. 24500/-

To Bank A/c __23000/-

To Discount Received A/c__1500/-

Explanation:

A journal entry records a business transaction in the accounting system for an organization.

Journal entries form the building blocks of the double-entry accounting method that has been used for centuries to keep financial records.

They make it possible to track what a business has used its resources for, and where those resources came from.

Accounting journal entries are used to record financial transactions in the accounting system, and would be transferred from the journals and posted to the general ledger.

While most of this process happens behind the scenes in modern accounting software, it’s important to know what’s going on and there are times when manual entries will need to be made to correct or adjust account balances at the end of an accounting period.

Click the below link for more information on journal entry and cheques,

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