Question No. 21 - Chapter No.8 - T.S. Grewal +1 Book 2019

Question No 21 Chapter No 8

Name the accounts to be credited along with the amount for payment to Ajay of Rs 4,800 by cheque in full settlement of Rs 5,000. 

Solution of Question No 21 Chapter No 8: – 

 

Date  Particulars
L.F.DebitCredit
 Ajay A/cDr. 5,000 
          To Bank A/c   4,800
           To Discount Receive A/c   200
 (Being payment made to ajay and receiving discount)   
     

Explanation of All Transactions with images: –

This is not a part of the solution, So you don’t have to write it in the exam. So, why we explained if it is not needed. Because This explanation will help you to understand all transactions with logic and you don’t need to remember all the transactions but just understand and remember the logic use behind it.

Transaction No. 1

Transaction No. 1 Question No.21 Chapter No.8 T.S. Grewal 1 Book 2019 - Question No 21 Chapter No 8 - T.S. Grewal 11 Class
Transaction No. 1 Question No.21 – Chapter No.8 – T.S. Grewal +1 Book 2019
Name of AccountType of AccountRule which will ApplicableWhat happen in the transactionRule appliedAccording to Rule It will be
Ajay PersonPersonal AccountReceiving  paymentHe is ReceiverDebit
BankArtificial Person  Personal  Account  Bank giving cheque Bank is giverCredit
Discount Received GainNominal AccountDiscount receivedAll income and gainsCredit

 

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