Sold goods to swati 5000.
Cash received from swati in full settlement 4000.
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36
Cash a/c Dr. 4000
Cash discount a/c Dr. 1000
To Swati a/c 5000
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6
Cash a/c Dr. 4000
Cash discount a/c Dr. 1000
To Swati a/c 5000
Explanation:
In this question the firm is selling goods worth 5000 to Swati. The firm also allowed a discount of rupees 1000 therefore leaving rupees 4000 for her to pay.
And Swathi is paying the entire 4000 rupees as a full settlement. Since we are getting an increment of cash we will debit cash account we will debit discount account as its an indirect expense to the firm and credit swati's account. This is based on the golden rule of accounting.
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