Question

On 12th April 2018 Nikhil sold goods to Manoj for Rs.30,000 and on the same date drew a bill for 4 months. On the same date Nikhil discounted the bill from his bank @ 9%pa. The bill was duly met on due date. Give necessary journal entries in the books of Nikhil and Manoj.

Answer 1

since,given →On 12th April 2018 Nikhil sold goods to Manoj for Rs.30,000 and on the same date drew a bill for 4 months. On the same date Nikhil discounted the bill from his bank @ 9%pa. The bill was duly met on due date.

⤵⤵⤵necessary journal entries in the books of both are⤵⤵⤵

↪Cooperative
↪partnership
↪intellectual
↪satisfactory

Answer 2

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Necessary journal entries are :-

● Partnership

● Satisfactory

● Cooperative

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Thanks !!