Answer Posted / sajeer

mr pradeepkumar u r wrong.if u dont know about the basic
of accounts, pls do not post answer like this.this will be
misunderstood by many biginners who looks this site.

discount recieved is an income so it should be credited.

discount allowed is an exp so it should be debited

so here
discount received:
party(creditors) a/c......dr
to discount received
to cash/bank
DISCOUNT ALLWED

CASH/BANK A/C...............DR
DISCOUNT ALLOWED A/C.........DR
TO PARTY

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