Question

wt is the journal entry of issue cheque to godrej 1000in full settlement​

Answer 1

Answer:

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Explanation:

Journal in company books

Bank a/c dr —— 950

Discount on settlement a/c dr 25

To debtor a/c------------------₹975

(Being debtor settled)

Profit and loss account dr - ₹25

To discount on settlement ₹25

(Being discount on settlement transferred to p&l)

Entry in books of company debtor

Creditors a/c dr. ₹975

To bank a/c ………..₹950

To profit and loss account ₹25

(Being creditor account settled)

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