Journal Entry For Cheque Received And Deposited And Discount Allowed
W he n we received c heque or c heck from customer or accou nts receivab le / de b tor, the n either we deposit the cheque i nto b a nk or retain in cas hier custody. Suppose, we received the cheque from our customer, Mr. A a nd did not deposit t he cheque i nto b a nk on t h e same date, and also give Discount Allowed of Rs. 200 to customer, Mr. A against the payme nt of goods sold to him of Rs. 7000. I n t his case, the jour nal would b e as follows: Cash a/c 6800 Discou nt Allowed a/c 200 ...