Question

Discounted a bill of ₹3000 at 1% through bank? Entry in three columnar cash book

Answer 1

on the debit side, in bank column post Rs.2970 as bill receivable and Rs.30 in discount allowed column

Answer 2

Journal Entry will be : Bank A/C.   Dr Rs.2,970 Discount A/C.  Dr. Rs30    To Bills Receivable A/C.  Rs.3000 In the 3 column cash book, On the debit side , Write ' To Bills Receivable A/C'  in the bank column with rs.2970  and in discount column rs.30