Cash received from mohan journal entry

Asked by admin @ 10/08/2021 in Accountancy viewed by 3174 People

Cheque received from mohan for rupees 1000 make journal entry

Answered by admin @ 10/08/2021

Answer:

What is the journal entry for cash received from Mohan in a full settlement of his account?

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5 Answers

Prem Jhamnani, FIII, Studying TYBcom, Loves accounting, Techvisor

Updated May 11, 2019·Author has492answers and786.6Kanswer views

Cash received from Mohan in full settlement of his account

The journal entry would be as follows:

Cash a/c dr

Discount allowed a/c dr

To Mohan’s a/c

Cash is real a/c and comes in so debited

Discount allowed is expense and nominal a/c so debited

Mohan was the asset (debtor) before but now cash is received so credited

Explanation:

MARK AS BRAINLIST

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