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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
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Answer Posted / 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
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