discounted cheque entry
This query is : Resolved
30 August 2016
cheque receipt from A rs. 100000 dated 24th May 2016 . on 24th April cheques from A were got discounted from bank paying interest @ 10% p.a.
How to frame entry in account book.
31 August 2016
debit bank with actual proceeds of cheque
debit bank interest
credit A...100,000
debit bank interest
credit A...100,000
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