Q. Which of the following entries is correct in respect of reserve for discounts on accounts payable? (Solved)
1. Debit P&L A/c and Credit Reserve for Discount on Accounts Payable A/c
2. Debit Accounts Payable A/c and Credit P&L A/c
3. Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c
4. Debit Reserve for Discount on Accounts Payable A/c and credit Accounts Payable A/c
- c. Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c