accepted bill drawn by X and co for 20000 journal
Answers
Answer:
x and co a/c dr 20,000
to bills payable a/c 20,000
Answer:
Bills Receivable A/c Dr. 2,000
Discount Allowed A/c Dr. 50
To Y 2,050
(Y’s acceptance was received and discount allowed)
Jan.01 Bank A/c Dr. 1,980
Discount Charges A/c Dr. 20
To Bills Receivable A/c 2,000
(Y’s acceptance was discounted with bank)
Explanation:
X Dr. 2,050
To Bills Payable A/c 2,000
To Discount Received A/c 50
(Bill drawn by X was accepted)
Bills Payable A/c Dr. 2,000
To Bank A/c 2,000
(Payment made for meeting the bill)
Bills Receivable A/c Dr. 2,000
Discount Allowed A/c Dr. 50
To Y 2,050
(Y’s acceptance was received and discount allowed)
Jan.01 Bank A/c Dr. 1,980
Discount Charges A/c Dr. 20
To Bills Receivable A/c 2,000
(Y’s acceptance was discounted with bank)
Y Dr. 2,050
To Bank A/c 2,000
To Discount Allowed A/c 50
(Y’s acceptance became dishonoured)
A business transaction is journalized when it is entered into the accounting records. Only the double-entry accounting system is covered by this task.
The following lists the steps involved in journaling. Entries to the main ledger or subsidiary ledgers may be the consequence of journalizing. When a high-volume transaction that management has chosen to summarise separately from the general ledger involves an entry, the subsidiary ledger is created.
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