Question

Received from Rashmi rs 39,000 by RTGS and discount allowed rs1000
what is the journal entry?
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Answer 1

Answer:

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 )

Answer 2

The answer is shown below:

Explanation:

The journal entry is shown below:

Cash A/c Dr $39,000

Discount allowed A/c Dr $1,000

       To Rashmi A/c $40,000

(Being the received amount is recorded)

Since cash is received along with discount is allowed so we debited it as cash increase the current assets as it is a real  while discount allowed is an expense and considered nominal account and the debtors' amount would be credited as it represents the personal account plus it decreases the assets account

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