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: –
|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
|Name of Account||Type of Account||Rule which will Applicable||What happen in the transaction||Rule applied||According to Rule It will be|
|Ajay||Person||Personal Account||Receiving payment||He is Receiver||Debit|
|Bank||Artificial Person||Personal Account||Bank giving cheque||Bank is giver||Credit|
|Discount Received||Gain||Nominal Account||Discount received||All income and gains||Credit|
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