Question

received from ravi cheque for and remitted the same in a bank account 1600.discount allowed him withdraw personal usr by cheque. what is the journal entry​

Answer 1

Answer:

Given "received cheque from poonam -24,500

allowed her discount-1500"

So by total receivable (from poonam) = actual amount + Discount allowed= 26000

actual amount recieved by Cheque= 24500

Discount allowed= 1500

So the current transaction affects three accounts...

Discount allowed account(Discount allowed to an extent of 1500 ,Bank account(amount to an extent of 24500 is recieved in the form of Cheque), poonam account(poonam owes us money and she z paying back)...

Discount allowed account is a nominal account (coz its a loss to us ; all losses Gains income expenses come under nominal account)

Poonam account is a Personal account (as the name suggests)

Bank account is a real account.(Bank balance is an asset ; all assets and Liabilities come under Real account)

The Three golden rules of accounting are..

Personal account - Debit the receiver ,credit the giver

Real account - Debit what comes in ,credit what goes out

Nominal account - Debit All expenses and losses credit , All incomes and gains

Discount allowed and Bank accounts are to be debited..(expense ; money is comingin)

Poonam account should be credited (poonam is giving/the giver)

So the Journal Entry will be...

Bank a/c Dr 24500

Discount Allowed a/c 1500

To Poonam a/c. 26000

(Being poonam's account settled)

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Answer 2

Answer:

Given "received cheque from poonam -24,500

allowed her discount-1500"

So by total receivable (from poonam) = actual amount + Discount allowed= 26000

actual amount recieved by Cheque= 24500

Discount allowed= 1500

So the current transaction affects three accounts...

Discount allowed account(Discount allowed to an extent of 1500 ,Bank account(amount to an extent of 24500 is recieved in the form of Cheque), poonam account(poonam owes us money and she z paying back)...

Discount allowed account is a nominal account (coz its a loss to us ; all losses Gains income expenses come under nominal account)

Poonam account is a Personal account (as the name suggests)

Bank account is a real account.(Bank balance is an asset ; all assets and Liabilities come under Real account)

The Three golden rules of accounting are..

Personal account - Debit the receiver ,credit the giver

Real account - Debit what comes in ,credit what goes out

Nominal account - Debit All expenses and losses credit , All incomes and gains

Discount allowed and Bank accounts are to be debited..(expense ; money is comingin)

Poonam account should be credited (poonam is giving/the giver)

So the Journal Entry will be...

Bank a/c Dr 24500

Discount Allowed a/c 1500

To Poonam a/c. 26000