Paid the due amount to M/s …
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Purva Dhammi 6 years, 6 months ago
You must find all the entries related to m/s singh and co and then this que could be solved.
for example -
Amount due to m/s singh and co is Rs. 40,000
And discount availed is Rs. 400
So the journal entry will be as under ---
M/s singh and co. Dr. 40,000
To cash/bank a/c 39,600
To discount received a/c 400
Explanation-
M/s singh and co is debited because he is the received.
Cash or bank a/c is credited because cash is going out.
Discount received is credited because it is a gain.
0Thank You