Received from shyam RS 950 and discount RS 50
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Answer:
cash a/c debited
shyam a/c credited
discount a/c credite
(being cash received from Shyam and discount given to him)
Explanation:
cash is debited because according to the accounting rules cash comes under real account and according to it debit what comes in and credit what goes out
discount comes uder nominal account because it is an expense and expenses are always credited
shyam is a personal account and cash is being received by Shyam so it is credited because according to personal account debit the receiver and credit the giver.
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