Question

15. On Jan. 1. 2018 Neha sold goods for 20,000 to Muskan and drew upon her a bill of
the books of A and B.
Muskan and Muskan retired the bill under the agreed rate of rebate. Journalise
accept the payment against the bill at a rebate @ 12% p.a. Neha agreed to the
payable after 2 months. One month before the maturity of the bill Muskan approached
transactions in the books of Neha and Muskan.
was agree
second
od A draws on 1st January, 2018 a hill un​

Answer 1

Answer:

In books of Neha

2018

jan.1 Muskan. dr 20000

To sales a/c. 20000

jan. 1. Bills Receivable a/c. dr 20000

To Muskan. 20000

Feb. 4 Bank account. dr 19800

Rebate on bill a/c dr 200

To Bill Receivable a/c. 20000

Rebate on bill = 20000×12/100×1/12=200

In books of Muskan

jan.1 purchase account. dr 20000

To Neha. 20000

jan.1. Neha. dr. 20000

Ti Bills Payable a/c. 20000

Feb.4 Bills payable a/c. dr 20000

To cash account. 19800

To rebate on bill. 200