Question

received from dev in full settlement of his account 98000​

Answer 1

Answer:

cash a/c. dr 98000

discount a/c. dr. 2000

to dev. 100000

Answer 2

Complete Question:

Sold goods to Dev  1,00,000

Received from Dev in full settlement of his account of 98,000

Answer:

Dev's Acc.(Debit)    1,00,000

   To Sales Acc. (Credit)   1,00,000

(Being goods sold to dev)

Cash/Bank Acc.(Debit)      98,000

Discount Allowed(Debit)   2,000

          To Dev's Acc.(Credit)   1,00,000

(Being received 98000​ from dev in full settlement of his account)

Explanation:

Journal Entry:

• A journal entry is an act of recording any transaction, whether one is commercial or not.
• An accounting diary that displays the debit and credit balances of a corporation lists transactions.
• Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry.

Full Settlement:

• Full Settlement refers to the payment made by the business to the supplier to settle all unpaid balances associated with a single invoice.
• The vendor may provide you the choice to spread out the payment for an item when your organization makes a purchase.
• This is referred to as a credit buy.

#SPJ2