Accountancy, asked by syedmushrafkareem, 3 months ago

6. Journal Proper records
Bills receivables
Bills payables
Cash payments
O
Opening entre​

Answers

Answered by kvrsbhaswanth
0

Answer:

Suppose the bills receivable in the above example of 7,000 are discounted with a bank at a cost of 250. The journal entry to record the discounting process are as follows.

...

Discounted Bills Receivable.

Account Debit Credit

Cash 6,750  

Discount fee 250  

Bills receivable  7,000

Total 7,000 7,000

Explanation:

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