Deepak sold goods to Gupta on 1st September 2017 for rs.20,000. Gupta immediately accepted a bill for 3 months. On the due date,Gupta requested that the bill be renewed for a further period of 2 months. Deepak agreed provided interest at 9%p.a. was immediately paid in cash.To this arrangement,Gupta agreed.The second bill was met on the due date.Give journal entries in the books of Deepak.
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Answered by
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HLO..
U R ANSWER ♠...
1→ GUPTA AC DR
TO SALES AC R
2→ BILLS RECEIVABLE AC DR
TO GUPTA AC
3→ CASH AC DR
TO INTEREST AC CR
4→ CASH AC DR
TO GUPTA AC
MAYBE IT HELPS YOU
U R ANSWER ♠...
1→ GUPTA AC DR
TO SALES AC R
2→ BILLS RECEIVABLE AC DR
TO GUPTA AC
3→ CASH AC DR
TO INTEREST AC CR
4→ CASH AC DR
TO GUPTA AC
MAYBE IT HELPS YOU
Answered by
3
☑️Gupta ....................Dr
.....To sales
☑️B/r A/c......................Dr
.......To Gupta.
☑️Cash A/c.....................Dr
.....To interest A/c.
☑️Cash A/c.....................Dr
......To Gupta.
.....To sales
☑️B/r A/c......................Dr
.......To Gupta.
☑️Cash A/c.....................Dr
.....To interest A/c.
☑️Cash A/c.....................Dr
......To Gupta.
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