Question

Haridas sold goods to Ramesh for ₹10000 on 01.01.2002.Haridas draws a bill on him for 3 months.Ramesh accepted the bill and returned it to Haridas.Haridas discounts the bill with the bank @ 12% per annum on 4th February 2002.Pass necessary journal entries in the book of both the parties assuming that bill is duly met on maturity.​

Answer 1

Answer:

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Answer 2

Answer:

Journal Entries :

In the Books Of Haridas ;

1 ) Ramesh ac Dr. 10,000

To Sales ac 10,000

( Haridas sold goods to Ramesh )

2 ) Bill's Receivable ac Dr 10,000

To Ramesh ac 10,000

( Drew a bill on Ramesh )

3 ) Bank ac Dr. 8,800

Discount ac Dr. 1200

To Bill's R ac 10,000

( Bill discounted with bank @12% )

In the Books Of Ramesh ;

1 ) Purchases ac Dr. 10,000

To Haridas ac 10,000

( Purchased goods from Haridas )

2 ) Haridas ac Dr. 10,000

To Bill's payable ac. 10,000

( Haridas drew a bill on Ramesh )

3 ) Bill's P ac Dr. 10,000

To bank ac. 10,000

( Bill met on maturity )

Note :

• Don't forget to write date on each transactions in journal.

• The due date of bill will be 4 th April 2002.