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Received from Krishna Murthy Rs 26500/- in full settlement
of due Rs 30000/-. Pass entry
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Answer Posted / dev
Cash A/c. Dr. 26500
Discount allowed 3500
To Krishna Murthy A/c. 30000
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Suppose My received Interest Income is 24934.59 And for the same time my Bank Charge total is 7785.19. Now the total Bank Charge will be deducted from Interest Income and the amount of (24934.59-7785.19)=17149.40 will be withdrawn to deposit in govt. Account.What will be the Journal Entry for 17149.40. Here, Already Bank Charge 7785.40 is Already Debited and 24934.59 is already credited in Journal.
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