Question

Drawing Accepting and Honourting of a Bill
2. On 1st March, 2000 Sohan purchased goods on credit from Mohan worth Rs. 1,500. On the
same day Mohan drew a bill for Rs. 1,500 payable after three months, which was accepted
by Sohan. On due date the bill was duly met.
Record the above transactions in the journal of Mohan and Sohan.​

Answer 1

Answer:

journal of Mohan

1 mar.2000

Sohan. dr 1500

To sales account 1500

1mar. B/R. dr. 1500

To Sohan. 1500

4 June Bank account dr 1500

To B/ R. 1500

journal of Sohan

1mar. Purchase account. dr. 1500

To Mohan. 1500

2 mar. Mohan. dr. 1500

To B/ P. .. 1500

4 June B/P. dr. 1500

To bank. 1500