(A) Debit P&L A/c and Credit Reserve for Discount on Accounts Payable A/c (X)
(B) Debit Accounts Payable A/c and Credit P&L A/c (X)
(C) Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c (
)
(D) Debit Reserve for Discount on Accounts Payable A/c and credit Accounts Payable A/c (X)
Answers: Which of the following entries is correct in respect of reserve for discounts on accounts payable Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c.
