Question

Received from puneet in full settlement of claim RS.12,000

Answer 1

Journal Entry :

Cash A/c Dr. 975

Discount Allowed A/c Dr. 25

To Shyam A/c 1000

(Being Received Rs 975 in full settlement from Shyam.)

Therefore, shyam's A/c is credited with Rs.1000.

Answer 2

Cash a/c dr. 12000
To puneet a/c. 12000