what will be the journal entry-discount rs 2000 allowed to
mr x.and discount received rs 2000 from mr x.actually i am
confused that in the first entry both discount a/c and mr x
a/c will be credited as per the accounting standards.please
help experts.thanks
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Answer / vijay
DISCOUNT RECEIVED A/C DR 2000
TO DISCOUNT ALLOWED A/C 2000
(BEING DISC. RECEIVED CANCELLED WITH DISC. ALLOWED)
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Answer / kalpana marpalli
Cash a/c dr 2000
To discount received a/c 2000
Being discount allowed received back in the form of cash so, Mr.X cannot be shown in the entry.)
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