‘A’ sold goods to ‘B’ Rs 50,000 on 1st Jan 2020. on the same date he drew a Bill at Three Months for the amount The bill is duly accepted but is dishonoured on the due date ‘A’ Pays Rs1,000 as noting charges Journalise in the books of A ?
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Cost of Good sold is Rs. 6,43,000 and cost of sales is Rs.7,10,000. Calculate 20% profit on selling price
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A's
A's Journal
B's A/c Dr
4
,
000
To Sales A/c
4
,
000
(Being goods sold)
Bills Receivable A/c Dr
4
,
000
To B A/c
4
,
000
(Being acceptance received)
Bank A/c Dr
3
,
900
Discount A/c Dr
100
To Bills Receivable A/c
4
,
000
(Being bill dishonoured and noting charges paid by bank)
After 1 month Cash A/c Dr.
4
,
050
To B A/c
4
,
050
(Being amount of bill received)
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