Question

on 1st January 2016,maneesh sold goods worth 20000 to narayan on credit.narayan gave him months acceptance for its payement. pass necessary journal entries in the books of both the parties,when the bill is paid on the due date​

Answer 1

Answer:

Required Journal Entries :

When the bill is paid on the due date :

In the books of Maneesh :

• Narayan ac Dr. 20,000

To sales ac. 20,000

( Maneesh sold goods to Narayan )

• Bill's Receivable ac Dr. 20,000

To Narayan ac 20,000

( Drew bill on Narayan )

• Cash ac Dr. 20,000

To Bill's P ac. 20,000

( Bill met in due date )

In the Books Of Narayan :

• Purchases ac Dr. 20,000

To Maneesh ac 20,000

( Purchased goods from Maneesh )

• Maneesh ac Dr. 20,000

To Bill's payable ac. 20,000

( Accepted the bill )

• Bill's P ac Dr. 20,000

To Cash ac. 20,000

( Collection of Bill )

Note :

• Write date on each transactions in journal

• Write amount correctly in both debit and credit sides.