Question

Recieved₹4000 From Murali In Full Settlement Of His Account

Answer 1

Explanation:

cash.

discount.

to murli

Answer 2

JOURNAL

Explanation:

for journal

some basic rules are given

Increase in Asset Debit

Decrease in Asset Credit

Expenses will be debited

Our Transaction is : Received ₹4000 From Murli In Full Settlement Of His Account

Aspect 1. cash is increased and cash is asset and increase in asset means debit

Aspect 2. Discount allowed to murli is our loss and rule is debit (Above given)

Aspect 3. Murli paid us cash , beacuse he is our debtor , by paying murli(debtor) will be decrease so murli will be credited according to above rule

Particulars                                          Dr.(Amount)          Cr.(Amount)

Cash  A/C        Dr.                                                  

Discount allowed A/C    Dr.                    

              To Murali A/C

(Being  Cash received by murli by provide cash discount )

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