Relevant Competitive Tests:
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
B. Debit Accounts Payable A/c and Credit P&L A/c
C. Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/cCorrect Answer
D. Debit Reserve for Discount on Accounts Payable A/c and credit Accounts Payable A/c
Correct Option: C. Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c
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