Question

10. a) On 1st January, 2016, X sell goods to Y for Rs. 8,000 and draws four bills of exchange on him. The first for Rs. 1,500 for one month, the second for Rs. 1,000 for 2 months, the third for Rs. 2000 for 3 months and the fourth for Rs. 3500 for 4 months. Y accepts and returns these bills to X. The second bill is discounted with the bank at 12% p.a. on 4th January, 2016 and on the same date the third bill is endorsed by X to his creditor Z. the fourth bill is sent to the bank for collection on 10th January, 2016. Pass journal entries in the books of X and Y assuming that all bills are met on their due dates.

Answer 1

Answer:

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