Settled banshidhar account for rs.500 by cheque for rs.480
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Bank a/c.. dr.. 480
discount allowed a/c dr... 20
To cash a/c........... 500
( being sattlement done by bank on discount)
discount allowed a/c dr... 20
To cash a/c........... 500
( being sattlement done by bank on discount)
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Explanation:
the journal entry will be.
bank a/c dr 480
discount a/c 20
to banshidhar a/c 500
( being cheque received in full settlement)
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