Question

On 1st January, 2019,Ajay sold goods to Bhushan for rupees 50,000.Ajay draws a bill of exchange for two months for the amount due which Bhushan accepts and returns it to Ajay.Bhushan met the bill on the due date. pass Journal entries in the books of Ajay and Bhushan ​

Answer 1

In the books of Ajay

1) bhushan ac dr 50000

to sale ac cr 50000

2) B/R ac dr

to bhushan ac cr

3) cash ac dr

to B/R ac cr

In books of bhushan

1) purchase ac dr

to ajay ac cr

2) ajay ac dr

to B/P ac cr

3) B/P ac dr

to cash ac cr