issued cheque in favour of m/s. jain bros rs.1960 discount allowed by them rs.40
journal entry for the above
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issued cheque in favour of m/s. jain bros rs.1960 discount allowed by them rs.40
journal entry for the above
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Explanation:
m/s jain bros a/c Dr 2000
To bank a/c 1960
To discount recieved a/c 40
(being payment to m/s jain bros through cheque and recieved a discount of 40)
We have debited m/s Jain Bros since they are personal a/c and in personal a/c reciever has to be debited
as per the golden rule
debit the reciever
credit the giver
We have credited Bank A/c since it is a real a/c w here the cash goes out as the rule
debit what comes in
credit what goes out
We have credit discount recieved a/c as per the rule
debir all expenses and losses
credit all incomes and gains
discount allowed a/c is a nominal a/c
Mark my answer as brainiest pls