Question

transaction of issued cheque of rs 7200 to rabin(8000)in full settlement​

Answer 1

Answer:

rabin a/c Dr 80,000

To discount received a/c 8,000

To Bank a/c 72,000

Explanation:

rabin being a creditor will be debited as a liability is being paid off

as he gave us a discount of 8000 it will be credited as an income

also bank being an asset will be credited as money is deducted

hope it helps.

Answer 2

Answer:

rabin a/c Dr 80,000

To discount received a/c 8,000

To Bank a/c 72,000

Explanation:

rabin being a creditor will be debited as a liability is being paid off

as he gave us a discount of 8000 it will be credited as an income

also bank being an asset will be credited as money is deducted

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