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How to Enter a Transaction in Three column cash book

Name :: anupama

Your Country :: u.a.e

Explain your question in detail :: 

Recieved a bank draft for 6500 from mukesh in full settelment of 6700 due from him. Sent the draft to bank.

Category :: Education

Answer ::

In this transaction, you are seeing, just received 6500 out of 6700 in full settlement, it means, rest is cash discount which is allowed by us to our customer. So, it is the loss of business but for getting fast payment, it is necessary, so, in the receipt side, in bank column, we will show 6500 and in discount allowed column, near same column, we will show 200.


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Accounting ! Answers: How to Enter a Transaction in Three column cash book
How to Enter a Transaction in Three column cash book
Accounting ! Answers
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