Question

Received cheque from sale of old furniture rs 1950 check is Indoresed to to accredited Ramesh in full settlement rs 2,000 due to him

Answer 1

Answer:

Sales entry( assuming cheque not deposited in bank):-

Cheque in hand A/c. Dr. 1950

To sales A/c. 1950

Endorsement entry:-

Ramesh. Dr. 2000

To cheques in hand A/c. 1950

To discount received A/c. 50

Donot forget to write naration after every entry though ive ignored them