Question

received rupees 1000 from dinesh in full settlement against the amount due from him rupee 1050​

Answer 1

Answer:

cash a/c. dr. 1000

discount a/c dr. 50

to dinesh a/c. 1050

Answer 2

Journal entry

Explanation:

                                  Books of (----Limited)

                                      Journal Entry                                        

Date         Account Title and Explanation       Debit   Credit  

               Cash / Bank                          A/c Dr.    1,000

               Discount                               A/c Dr.         50

                To Dinesh                             A/c                       1,050

                  (Being amount received in the full statement)

Explanation: Amount 50 will be counted as discount .

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