Question

A sells goods of 10000 on 1st march 2019 to B on credit. B accepts the bill on the same date for the amount payable 3 months after date. A discounts the bill at 6% p.a.from bank on 4th april. On maturity, the bill is met by B. Pass the journal entries in the books of both the parties.

Answer 1

Answer:

CAC

Explanation:

JOURNAL ENTRY IN THE BOOKS OF A

1. B A/C.........DR. 10000

TO SALES..... 10000

(BEING THE GOOD SOLD TO B)

2. BILL RECEIVABLE A/C 10000

TO BANK ...... 10000

(BEING THE BILL ACCEPT)

3. BANK A/C 9400

DISCOUNT A/C. 600

TO B A/C.... 10000

(BEING THE GOOD DISCOUNT WITH BANK )

4. BANK A/C ....Dr

TO BILL RECEIVABLE....

(BEING THE BILL IS HONOURED)

Answer 2

Explanation:

A,B,C ki alag alag journal entry