Question

what is the journal entry of recieved 11700 from shyam on his account rs 12000

Answer 1

Cash A/c ...Dr.₹ 11700

Discount allowed A/c... Dr.₹ 300

To Shyam A/c. .₹12000

Here, the cash of Rs.11, 700 is received.

Thus, with the rule, “Debit what comes in”, Cash is debited as it is coming into the business.

Discount received against the full payment is also debited.

Shyam A/c is credited as the payment is made by this A/c and with the rule “Credit the creditors”.

Answer 2

Answer:

cash A/c. Dr. 11,700

disc.allowed A/c. Dr. 300

to shyam's A/c. 12000