Question

Neha Gupta, Nariman Point, Mumbai, draws a bill of exchange for 1 month on 9 February, 2020 for Rs. 62,000 on Sohel Shaikh, Panvel Road, Kharghar, payable to Raju Naik, Lonavala. The bill was accepted on the same day for 2 months.From the above details prepare a format of bill of exchange ​

Answer 1

Answer:

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Answer 2

Explanation:

                                        In the books of Neha Gupta

Date                                     Particulars                            Amount         Amount    

Feb 9      Bills Receivable a/c                               dr          62000

                           To Sohel Shaikh a/c                                                      62000

             (Being Bill accepted by Sohel for two months)

                                        In the books of Sohel Shaikh

Date                                     Particulars                            Amount         Amount    

Feb 9      Neha Gupta a/c                                     dr          62000

                           To Bills Payable a/c                                                       62000

             (Being Bill drawn by Neha Gupta)