Akshay sold good to Bindhu on April 1, 2019 for Rs. 75,000 on credit and drew upon her a bill for the same amount payable after 3 months. Bindhu accepted the bill and returned to Akshay. On May 1 Akshay discounted the bill with his bank @ 6% p.a. On the due date the bill was dishonoured and the Bank paid Rs. 600 as Noting Charges. Pass Journal entries in the books of Akshay.
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Answer:
A journal entry is the act of keeping or making records of any transactions either Economic or non economic. Transactions are listed in an accounting journal that shows a company's debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit.
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Answer:
Bindhu Dr 75000
To Sales a/c 75000
( being the goods sold)
Bills receivable a/c Dr 75000
To Bindhu 75000
( being the bill drawn on bindhu)
Bank a/c Dr 74250
Discounting charges a/c Dr 750
To B/R A/C 75000
(being the bill discounted)
Bindhu Dr 75600
To Bank a/c 75600
( being the b/r dishonoured and the payment made to bank with 600 noting charges)