Question

Recevied cheque fro mr sharda & company in full settlement of amount due from them

Answer 1

3 golden rules

personal accounts - debit the received and credit the giver

real accounts -debit what comes in and credit what comes out

nominal accounts - debit all the expenses and losses, credit all the income and gains

as per question 3 accounts affected

Mr sharda & Company A/c

BAnk A/c

Discount allowed A/c ( if discount allowed)

I assume that discount allowed ...

Mr sharda & Company A/c -personal account

BAnk A/c - real account

Discount allowed A/c - nominal account

by applying the golden rules.

Mr sharda & co is a personal account whos is the giver therefore its credited

Bank account is real account where money comes inside to business therefore its debited

Discount allowed is expenses to the company therefore its debited

Journal entry

Bank A/c Dr

Discount allowed A/c Dr

To Mr Sharda & company A/c

(Being Mr sharda& company paid in full settlement of amount which is due from him )

Hope its useful...!!1

Answer 2

Hope it helps

Mark as brainlist

Journal entry

Bank A/c Dr

Discount allowed A/c Dr

To Mr Sharda & company A/c

(Being Mr sharda& company paid in full settlement of amount which is due from him )