Question

Amit sold to vinay fir rs 4000 on credit. viney gave two months acceptance for this amount to Amit .this bills was met on due date .
Pas journal entries in the books of both the parties

Answer 1

Explanation:

In the Books of Amit

1. Vinay a/c -Dr 4000

To Sales a/c 4000

2.Bills Receivable a/c -Dr 4000

To Vinay a/c 4000

3. Bank a/c-Dr 4000

To Bills Receivable a/c 4000

In the Books of Vinay

1.Purchases a/c-Dr 4000

To Amit a/c 4000

2. Amit a/c -Dr 4000

To Bills Payable a/c 4000

3.Bills Payable a/c -Dr 4000

To Bank a/c 4000