On receipt of Rs 975 from Shyam in full settlement of his account for Rs 1000. Shyam's account should be credited with _________.

Rs 1000

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Rs 975

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Rs 25

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None of these

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Solution

The correct option is A Rs 1000
Journal Entry :
Cash A/c Dr. 975
Discount Allowed A/c Dr. 25
To Shyam A/c 1000
(Being Received Rs 975 in full settlement from Shyam.)
Therefore, shyam's A/c is credited with Rs.1000.

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On receipt of Rs 975 from Shyam in full settlement of his account for Rs 1000. Shyam's account should be credited with _________.

The correct option is A Rs 1000Journal Entry :Cash A/c Dr. 975Discount Allowed A/c Dr. 25 To Shyam A/c 1000(Being Received Rs 975 in full settlement from Shyam.)Therefore, shyam's A/c is credited with Rs.1000.

The correct option is A Rs 1000
Journal Entry :
Cash A/c Dr. 975
Discount Allowed A/c Dr. 25
To Shyam A/c 1000
(Being Received Rs 975 in full settlement from Shyam.)
Therefore, shyam's A/c is credited with Rs.1000.