Which item will appear on the credit side in ledger?

Cash Received

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Purchases

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Discount received

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Rent expenses

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Solution

The correct option is C
Discount received

Discount received is a revenue & increase in revenue is always credited.

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Similar questions

Show the effect of the following transactions on Assets, Liabilities and Capital through accounting equation:

		Rs
(a)	Started business with cash	1,20,000
(b)	Rent received	10,000
(c)	Invested in shares	50,000
(d)	Received dividend	5,000
(e)	Purchase goods on credit from Ragani	35,000
(f)	Paid cash for house hold Expenses	7,000
(g)	Sold goods for cash (costing Rs 10,000)	14,000
(h) (i)	Cash paid to Ragani Deposited into bank	35,000 20,000

		₹
(i)	Sold goods to Sanjay on credit	50,000
(ii)	Sold goods to Mohan for cash	20,000
(iii)	Purchased goods from Ram on credit	25,000
(iv)	Cash received from Sanjay	19,000
(v)	Goods returned by Sanjay	2,000
(vi)	Paid rent	500
(vii)	Cash paid to Ram	15,000

Vinod has the following transactions.Show accounting equation for the same:

(i) Commenced business with Cash Rs.50,000; and Stock Rs.30,000 and Machinery Rs.20,000.

(ii) Goods purchases on credit Rs.10,000.

(iii) Rent Received Rs.5,000.

(iv) Sold goods costing Rs.9,000 for Cash Rs.12,000.

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