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/c

D: Debit Reserve for Discount on Accounts Payable A/c and credit Accounts Payable A/c Read More Details about this Mcq