Question

received from Bharat cash 20000 allowed him discount rupees 500.... journalise it

Answer 1

heyaa,,,
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journal entry for received from Bharat cash 20000 allowed him discount rupees 500 will be ;
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cash a/c dr 20,000
discount a/c dr 500
to Bharat a/c 20,500.
(being cash received from bharat and allowed him 500 discount)
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¤ reason for debit and credit;
...cash is coming into the business so it will be debited.
...giving discount is an expence for business so, it will be debited.
...giver of cash is bharat so, it will be credited..
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hope it helps☺☺☺

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Answer 2

3 golden rules

personal accounts - debit the received and credit the giver

real accounts -debit what comes in and credit what comes out

nominal accounts - debit all the expenses and losses, credit all the income and gains

as per question 3 accounts affected

Bharat A/c -personal account- where hes the giver of money , therefore its credited

Cash A/c - real account- where money comes into the business therefore its debited

Discount allowed A/c - nominal account- expenses to the company therefore its debited

Journal entry

Cash A/c Dr 20000

Discount allowed A/c Dr 500

To Bharat A/c 20500

(Being received cash from Bharat and allowed discount of Es.500 )

Hope its useful...!!