Received Rs. 28,000 from Urmila in full settlement of her account by Debit Card

Received Rs. 28,000 from Urmila in full settlement of her account by Debit Card journal entry

DATE

PARTICULARS

L/F

DEBIT

CREDIT

24

Bank A/c                  Dr.   Loss A/c                  Dr.         To Urmila A/c   [Being Received cash from Urmila in full settlement]

28,000  500

28,500

24. Received Rs. 28,000 from Urmila in full settlement of her account and paid by by debit card. Urmila is paying only Rs. 28,000 therefore Urmila aacount is Credited to credit side and Business is receiving Cash therefore Cash account is Debited. But in Transaction 9 Urmila has to pay us Rs. 28,500 now she is paying only Rs. 28,000. We assume that proprietor as given discount of Rs.500 to urmila therefore discount account is to be debited to debit side.

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