1. On 15 January, 2015 Rao sold goods Rs. 10,000 to Reddy. Half of the payment was made
immediately and for the remaining half, Rao drew a bill of exchange upon Reddy payable after
30 days. Reddy accepted the bill and returned it to Rao, on the due date, Rao presented the by to
Reddy and received the payment.
Journalise the above transactions in the books of Rao
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11
Answers
Answered by
1
Answer:
Reddy's Transcation Details
jan 15 2015 Rs.5,000 credit net:X+5000
feb 15 2015 Rs.5,000 credit net: X+10000
Rao's Transcation Details
jan 15 2015 Rs.5,000 debit net:Y-5000
feb 15 2015 Rs.5,000 debit net: Y-10000
*X is the amount of Reddy's Account which we do not know
*Y is the amount of Rao's Account which we do not know
Explanation:
Answered by
2
Answer:
In the books of Rao
Cash a/c Dr. 5000
Bill's receivable a/c Dr. 5000
To sales a/c 10000
(Being sales occured and half the payment received in cash and for the rest a bill is draws)
Cash a/c Dr. 5000
To Bill's Receivable 5000
( Being bill is collected from Reddy)
Explanation:
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