Question

Keshav bought from Ram Prasad goods worth 550 on a credit of 3 months. Allowing discount of 50 to Keshay,
Ram Prasad drew on him a bill for the balance, Keshav duly accepted the bill and returned it to the drawer who
discounted it with his banker at 6% pa. On the due date the bill was dishonoured. The banker had to spend 12
for noting, etc. The bill was taken over by Ram Prasad from the banker,
Journalise the above transactions in the books of Keshav and Ram Prand
Rawalakhe B)​

Answer 1

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b

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Explanation:

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Answer 2

Explanation:

                                          In the books of Keshav

1.           Purchase a/c                dr     550

                       to Ram prasad a/c                            500

                        to Discount received a/c                    50

2.          Ram prasad a/c            dr     500

                        to bills payable a/c                           470

                        to Discount received a/c                   30

3.          Bills payable a/c           dr     470

                        to Ram prasad a/c                            470

4.          Noting charge a/c        dr     470

                        to Ram prasad a/c                            470

                                    In the books of Ram prasad

1.           Keshav a/c                    dr     500

             Discount allowed a/c   dr      50

                        to Sales a/c                                       550

2.          Keshav a/c                    dr     500

             Discount allowed a/c   dr       30

                       to Bills receivable a/c                       470

3.          Bills receivable a/c       dr     470

                        to Keshav a/c                                    470

4.          Keshav a/c                    dr     470

                        to Cash a/c                                        470