Question

Received rs 975 from harikrishna in full settlement of his account of rs 1000 journal entry

Answer 1

Answer:

cash a/c Dr 975

Discount allow 25

To harikrishna 1000

Explanation:

we have recived cash that mean increase in assets we have allowed discount which means increase in expenses and our right to call has been end from harikrishna which mean decrease in assets