Question

Received from Pankaj Allowed him discount

Answer 1

Answer:

cash A/c Dr.

Discount A/c Dr.

To pankaj A/c

(being cash received and discount allowed)

Answer 2

We are provided with a transaction that we are required to show the accounting entries. The accounting entries for the transaction that is provided to us will be:

Cash a/c Dr.

Discount a/c Dr.

To Pankaj a/c

(Being cash recieved from Pankaj)

• The explanation of the above entry will be done as under:
• We are required to record entries in accounts according to the golden rules of accounts.
• According to these rules when something is coming into the organization it requires to be debited.
• In the transaction provided the cash is coming inside the organization so it requires to be debited.
• According to these rules, all the expenses of the organization require to be debited.
• As the discount allowed is an expense for the organization it requires to be debited.
• According to these rules, the giver requires to be credited.
• In the transaction provided Pankaj is the giver as he is giving us the money.
• So in the transaction provided to us, Pankaj a/c has been credited.

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