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Management Sciences
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Management Sciences
Which of the following entries is correct in respect of reserve for discounts on accounts payable?
A
Debit P&L A/c and Credit Reserve for Discount on Accounts Payable A/c
Option A
B
Debit Accounts Payable A/c and Credit P&L A/c
Option B
Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c
Correct answer
D
Debit Reserve for Discount on Accounts Payable A/c and credit Accounts Payable A/c
Option D
Correct answer: C
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