Discounted a bill of exchange of rs20000 at rs 2% through bank
Answers
Bank.. Dr 19600
Dis... Dr 400
To bill of exchange 20000
The answer of the following Question is given below .
Explanation:
Journal Entry
In the Books of (--- Ltd..)
Date Particular Debit. Credit.
Bank a/c Dr. 19,600
Discount a/c Dr. 400
To Bills Receivable a/c 20,000
(Being Bills Receivable Discounted from the bank at 2% Discount .)
Calculations:
Discount = Amount * Discount Rate
= 20,000 * 2/100
Discount = 400
Bank amount = Bills amount - Discount
= 20,000 - 400
Bank amount = 19,600
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