The journal entry for issuing a cheque in favor of Mr. Jain and Bro, along with the discount allowed, would involve two components: recognizing the payment and recording the discount. The entry would be: Debit: Mr. Jain and Bro (Accounts Payable) - Amount of the cheque Credit: Bank/Cash - Amount of the cheque Credit: Discount Allowed - Discount amount This reflects the reduction in liability due to the payment and the expense incurred for the discount.
Equipment is not actually bought using common stock rather it is purchased from cash by issuing common stock so journal entry is : [Debit] Equipment [Credit] Cash / bank
Debit rentCredit bank
suman
BY VENDOR Dr TO BANK Cr
Equipment is not actually bought using common stock rather it is purchased from cash by issuing common stock so journal entry is : [Debit] Equipment [Credit] Cash / bank
Debit rentCredit bank
BY VENDOR Dr TO BANK Cr
Debit accounts payable/ expensesCredit bank
suman
debit bankcredit accounts receivable
debit electricity billcredit bank
Debit expenses / accounts payableCredit bank
debit bankcredit accounts receivable
Debit bankCredit accounts receivable
debit porter 48650credit bank 48650
Bank a/c ... Dr To cash a/c Cr