Paid the due amount to M/s S. Singh & co after availing discount of $

1.	Paid the due amount to M/s S. Singh & co after availing discount of $ 400
Answer» 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. 40,000And discount availed is Rs. 400So 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 400Explanation-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.

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