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.
1 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24588 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.
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