Question

Ganesh drew a biĺl on mahesh for Rs500 which he accepted. Ganesh endorsed the bill in favour of dinesh and Dinesh endorsed it to Ramesh who discounted it for Rs495. On the due date the pass journsl entry in the books of ganesh mahesh dinesh and Ramesh

Answer 1

Answer:ye

Explanation:

(In the books of the drawer)

Mahesh account

To sales account

(Sale of goods)

Billed receivable account

To Mahesh

(Cash to be received from mahesh)

Bank account

Discount

To bills receivables

(Bill is discounted)

Endorsee’s account

To receivables.

In the books of drawee:

Purchases account

To Ganesh account

(Purchased goods from Ganesh)

Bills payable

To cash

(Cash Is paid)

In the book of endorsee

Bills receivables

To debtors account- Mahesh

(Bill of exchange endorsed to Dinesh)

Endorsees account

To bills receivables

(Bill of exchange endorsed to Rajesh)

Bills receivables

To debtors account- Mahesh

(Bill of exchange endorsed to Rajesh)

Cash account

Discount

To bills receivables

(Cash received from drawer)

These are the usual journals. Please check out the entries with someone for better understanding.