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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

Question Posted / biswajit kar

Answers were Sorted based on User's Feedback



what will be the journal entry-discount rs 2000 allowed to mr x.and discount received rs 2000 from..

Answer / chandra

Discount A/C Dr. 2000
To X 2000

Is This Answer Correct ?    4 Yes 2 No

what will be the journal entry-discount rs 2000 allowed to mr x.and discount received rs 2000 from..

Answer / vijay

DISCOUNT RECEIVED A/C DR 2000
TO DISCOUNT ALLOWED A/C 2000
(BEING DISC. RECEIVED CANCELLED WITH DISC. ALLOWED)

Is This Answer Correct ?    0 Yes 0 No

what will be the journal entry-discount rs 2000 allowed to mr x.and discount received rs 2000 from..

Answer / m.a aleem

entry for discount allowed

discount allowed a/c dr 2000 (journal voucher)
to mr x 2000

entry for discount recieved ( f6 reciept)

cash a/c dr 2000
to mr x 2000

discount recieved means cash recieved so we have to take cash

Is This Answer Correct ?    0 Yes 1 No

what will be the journal entry-discount rs 2000 allowed to mr x.and discount received rs 2000 from..

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.)

Is This Answer Correct ?    0 Yes 1 No

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