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CA Foundation Accounting

06 October 2021

From Cash Book it is found that discount of Rs.85 allowed by Jadu was not posted to his account. What will be the entry ? Please reply.
Rectification of Errors.

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CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 06 October 2021

Discount Received is a column found on the credit side of the Cash Book. When a creditor is paid and the business receives a discount the discount received and is recorded in the discount received column and the corresponding entry appears as a debit in the creditor's account.