Settled arun's account in full after deducating 5% for cash discount journal
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Answer:It represents both discount allowed and discount received at the time of cash receipt and cash payment.
Cash discount is a reduction in the amount of debt being paid. It is offered by creditor to the debtor so as to motivate the debtor to make the payment promptly within a specified time. Cash discount allowed to the debtor is a loss / expenses and cash discount received from creditor is an income/ gain.
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Answer:
cash 11400
discount 600
toarun 12000
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