Question

Received from ramesh chand rs1300 in full settlement of his account

Answer 1

Hey.... ⭐

(^_-)

⭐⭐⭐⭐⭐... Journal entry ⬇⬇⬇⬇⬇⬇

Cash a/c.... Dr.

Discount allowed dr.

To Ramesh account....

[being cash received at discount,]

⭐⭐⭐⭐⭐⭐
________


⬇⬇⬇⬇➡➡➡. Cash is received by the business hence cash account is debited for business. Similarly business give discount in that purpose and discount allowed is loss..

Nature of loss is debited hence also recorded on debited side..
⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐

⬆⬆⬆⬆⬆⬆⬆⬆(^_-)

Answer 2

Cash A/C  Dr Rs.1300

Discount Allowed A/C  Dr Rs.xxx

    To Ramesh Chand A/C  Rs.(1300+xxx)

(being ramesh chand settled his A/C)