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On 1st April, 2019, Ankit paid to Sohan by cheque ₹9,600in full sattlement of ₹ 10,000. Pass Journal entry and post it into Ledger Account in the books of Ankit. (i) In the above entry, Sohan has been debited with Bank Account and Discount Received Account . So, in ledger, Sohan's Account will be debited with ₹9,600 as " To Bank A/c and with ₹400 as "To Discount Received A/c". (ii) Bank Account has been credited with Sohan. So, in the ledger, Bank Account will be credited with ₹9,600 as " By Sohan". (iii) Discount Received Account has been credited with Sohan. So, in the ledger, Discount Received Account will be credited ₹400 as " By Sohan ". |
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