Question

Is transaction ka matlab kya hai
or entry kya banegi(journal)

June 10:- Discounted a bill of exchange at 1% through bank​

Answer 1

Meaning::: Bill has sold to the bank at 1%discount.

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When the bill is drawn by the drawer (A) and accepted by drawee (B)

Drawer's Journal

B/R A/C..................XXX

B A/C..................XXX

(Acceptance received)

When a bill is discounted at bank:

Bank A/C......................XXX

Discount A/C.................XXX

B/R A/C....................XXX

(Bill discounted at bank)