Accountancy, asked by vibrators, 6 months ago

On 1st January, 2017, X sold goods to Y of the list price Rs. 1,00,000 at a trade discount of 10%. Y gave 3

promissory notes to X for 1 month, 2 months and 3 months respectively for the amount due in ratio 2:4:3.

The first promissory note was retained by X till maturity. Second promissory note was endorsed by X to his

creditor, Z in full settlement of his claim for Rs. 41,500. The third promissory note was discounted by X from

his bank on February 4, 2017 @12% p.a.

Pass the necessary journal in the books of X and Y assuming that all the promissory notes were met on their

due date.
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Answers

Answered by SameerAnsari0786
8

Answer:

In the books of X

01.01.2017

Y's A/C Dr 90000

To Sales A/C 90000

Promissory Note 1 A/C Dr. 20000

Promissory Note 2 A/C Dr. 40000

Promissory Note 3 A/C Dr. 30000

To Y's A/C 90000

Z's A/C Dr. 41500

To Promissory Note 2 A/C 40000

To Discount Received A/C 1500

01.02.2017

Bank/Cash A/C Dr. 20000

To Promissory Note 1 A/C 20000

04.02.2017

Bank A/C Dr. 29448

Discount A/C Dr. 552

To Promissory Note 3 A/C 30000

In the books of Y

01.01.2017

Purchases A/C Dr 90000

To X's A/C 90000

X's A/C Dr. 90000

To Promissory Note 1 A/C Dr. 20000

To Promissory Note 2 A/C Dr. 40000

To Promissory Note 3 A/C Dr. 30000

01.02.2017

Promissory Note 1 A/C Dr. 20000

To Bank/Cash A/C 20000

01.03.2017

Promissory Note 2 A/C Dr. 40000

To Bank/Cash A/C 40000

01.04.2017

Promissory Note 3 A/C Dr. 30000

To Bank/Cash A/C 30000

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