Account entry

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Anshul (Querist)
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21 December 2011 how to make account entry of following transaction:
1-Ms Kapoor raised an invoice for Rs 50000 on Media live production for services provoded.the terms of credit are 30 days.
2-MediaLive Production settled the bill for a final amount of Rs48000 by paying Rs20000 in cash and Rs28000 by Cheque.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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21 December 2011 Media Live Production A/c Dr. 50,000/-
To Service Income 50,000/-

Bank A/c Dr. 20,000/-
Cash A/c Dr. 28,000/-
Discount A/c Dr. 2,000/-
To Media Live Production 50,000/-

Guest

Guest (Expert)

21 December 2011 In the above entry group shall be as under :

Media Live Production a/c : Sundry Debtors
Service : Income
Bank : Current Assets
Cash : Current Assets
Discount : Indirect Expenses

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