Question

received rs11700 from hari Krishan in full settlement of his account

Answer 1

It should always kept in mind the rules related to journal..

Such as


REAL ACCOUNTS

Debit what comes in
Credit what goes out.


PERSONAL ACCOUNTS

Debit the receiver
Credit the giver.


NOMINAL ACCOUNTS

Debit all expenses and losses
Credit all incomes and gains..




RECEIVED RS. 11,700 FROM HARI KRISHAN IN FULL SETTLEMENT OF HIS ACCOUNT...


IT MEANS THAT CASH AND DISCOUNT BE DEBITED TO THE BUSINESS AS BOTH ARE COME IN THE BUSINESS. AND FROM WHOM THIS AMOUNT IS COMING IS CREDIT TO BUSINESS..


JOURNAL ENTRY WILL BE. - -

Cash A/c Dr. 11,700

Discount A/c Dr. 300

...... TO Hari Krishan.... 12,000

[ being the amt rec. And discount allowed ]

Answer 2

cash a/c dr.11700
discount a/c dr.300
......To hari krishan .12,000
(being cash received from hari krishan )