Question

received rs. 3900 cash from anbu and discount allowed rs. 50

Answer 1

Answer:

As you are allowing discount, which means it’s an expense for you..

And according to the golden rule Debit all EXPENSES ans loses…

The journal entry is as follows;

Cash A/c dr. 2400

Discount A/c dr. 200

To Debtor A/c 2600

( Being cash received from debtor and discount allowed )