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CBSE Class 11-commerce Answered

Paid to sidhu in full settlement Rs.2400

Asked by Bipro.chakraborty | 23 May, 2019, 06:59: PM

Expert Answer

We would request you to post or write a particular question with complete details so that we can provide you an appropriate solution. Based on the little details available in the question, treatment or solution is as follows:

For example,

1. Let us assume Sidhu is a creditor to whom Rs.3000 is payable. However, in full settlement of his account Rs.2,400 has been paid. It means that we have paid Rs.600 less and therefore, such differential amount of Rs.600 (i.e., 3000 - 2400) is our gain. Then the entry passed will be as follows:

Sidhu's A/c ...Dr. 3000

To Cash/Bank A/c 2400

To Discount Received 600

(Being amount due to Sidhu settled and discount received)

2. If the amount due to Siddhu was Rs.2400 and payment made in full settlement is also Rs.2400, then there is no loss or gain and following entry is passed:

Sidhu's A/c ...Dr. 2400

To Cash/Bank A/c 2400

(Being amount due paid in full settlement of Sidhu's Account)

Answered by Surabhi Gawade | 24 May, 2019, 09:57: AM

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