Question

2. Sekar receives on 7th May, 2001 a Bill at three months due from Raj for Rs. 2,000. B
is duly paid on due date. Pass journal entries in the books of both the parties.
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Answer 1

Answer:

Raj a/c Dr. 2000/-

to Sekhar. 2000/-

Answer 2

Answer:

Required Journal Entries :

In the Books Of Raj ( Drawer )

• Sekar ac Dr 2000

To Sales ac. 2000

( Sold goods to Sekar )

• Bill's Receivable ac Dr. 2000

To Sekar ac. 2000

( Bill due to Sekar )

• Cash ac Dr. 2000

To Bill's P ac. 2000

( Bill paid on Date )

In the Books Of Sekar ( Drawee )

• Purchases ac Dr 2000

To Raj ac. 2000

( Purchased goods from Raj )

• Creditors ac Dr 2000

To Bill's P ac. 2000

( Sekar accepts the bill from Raj )

• Bill's payable ac Dr 2000

To Cash ac. 2000

( Bill paid on Date )

Due Date of Bill becomes :

• Bill drawn on 7th May 2001

• 3 month Period

• Due date - July 10 2001

Note :

• Write the date in each of these transactions in journal