Sundry Debtors of a firm on 31st March, 2018 , were `Rs 4,00,000`. On that date, it was decided to create Provision for Discount at `2%` on Sundry Debtors During the year ended 31st March, 2019, amount of discount allowed was Rs 4,000. The debtors on 31st March, 2019, were Rs 3,00,000 and it decided to create Provision for Discount on debtors at `2%`. Pass Journal entries and prepare Discount Allowed Account and Provision for Discount on Debtors Account for both the years.
