A bill receivable for ₹ 20,000, which had been discounted for ₹19,800, is dishonoured and bank paid ₹50 as noting charges. Give Journal in the books of Drawee.
Answers
Answer:
250 is the general in the books of Drawee
Answer:
Drawee’s A/c Dr. 10,020
To Bank A/c 10,020
(Discounted bill dishonoured and noting charges paid)
Bills Payable A/c Dr. 10,000
Noting Charges A/c Dr. 20
To Drawer’s A/c 10,020
(Bills dishonoured and noting charges paid)
Explanation:
When a bill is not paid, the debtor must make the same journal entry in every instance. The entry is as follows: Account for payments due (full value of the bill) [Dr.] Account for trade expenses (noting charges) [Dr.] To the drawer's personal account [Dr.]
In order to ensure that the drawee or buyer will pay him the amount owed, the drawer, or seller, draughts a bill of exchange on them. However, if the bill's holder or drawer needs money or funds before the due date or maturity date, he can choose to have his bills discounted.
To learn more about Accounts visit
https://brainly.in/question/25428732
https://brainly.in/question/41913784
#SPJ3