Question

On 10 Aug 2010 ram drew a after bill of 10000 for 3 month on laxman on 16 Aug 2010 ram purchased googs for bhart of 15000 on same date ram endrosed laxman bill in favour barat paid by cheque
(A) on the date laxman hour his acceptance present by bhart
(B) on the due date laxman dishournal the bill and nothing charge 50
Bill of exchange 12 com

Answer 1

this is your answer.

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Answer 2

Answer:

A. In the book of Ram:

your journal entry will be:

1) Shyam a/c. Dr. 3000

to sales a/c. 3000

(Being goods sold to Shyam)

2) Bill's receivable a/c. Dr. 3000

to Shyam a/c. 3000

(being bill received from Shyam)

3) bank a/c. Dr. 2750 discount a/c. Dr. 150

to Bill receivable a/c. 3000

(being bills discounted at 5 percentage)

4) Shyam a/c. Dr. 3150

to Bank a/c. 3150

(bill dishonoured and nothing charge of rupees 150 paid by bank)

B. In the book of Shyam

1) purchase a/c. Dr. 3000

to Ram a/c. 3000

(being goods purchased from Ram)

2) Ram a/c. Dr. 3000

to bills payable a/c 3000

(being bill paid to Ram)

3) bills payable a/c. Dr. 3000

to bank a/c. 2750

to discount a/c. 150

(Bank bills discounted at 8% p.a.)

4) bank a/c. Dr. 3150

to Ram a/c. . 3150

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