On 1st January, 2019, sold goods to Y for rs 25,000 and immediately received from Y rs 10,000
by cheque and drew a bill on Y at three months for the balance amount
. Bill is accepted by
Bill was dishonoured on the due date and Y paid rs 150 as noting charges. Ten days later,
Y pays the due amount to X. Pass the Journal entries in the books of both the parties
Answers
Answer:
1-1-19 Y........ Dr. 15,000
cash AC.... Dr 10,000
to sales AC 25,000
1-1-19 bills recievable AC... Dr 15,000
to Y..... 15,000
1-4-19 Y....... Dr. 15,150
to bills recievable AC 15,000
to cash AC 150
11-4-19 cash AC......... Dr 15,150
to Y 15,150
in books of Y
1-1-19 purchase AC...... Dr 25,000
to X 15,000
to cash AC 10,000
1-1-19 X....... Dr 15,000
to bills payable AC 15,000
1-4-19 bills payable AC.... Dr 15,000
noting charges AC... Dr 150
to X.. 15,150
11-4-19 X....... Dr. 15,150
to cash AC 15,150
Answer:
The question is:
On 1st January, 2019, X sold goods to Y for ₹ 25,000 and immediately received from Y ₹ 10,000 by cheque and drew a bill on Y at three months for the balance amount. Bill is accepted by Y. Bill was dishonoured on the due date and Y paid ₹150 as nothing charges. Ten days later, Y pays the due amount to X. Pass the Journal entries in the books of both the parties.
Explanation:
Journal entry:
In the books of X:
1.Jan.2019
Y’s A/c...Dr 25,000
To Sales A/c 25,000
(Being goods sold to Y on credit)
1.Jan.2019
Bills Receivable A/c ....Dr. 15,000
Bank A/c....Dr. 10,000
To Y’s A/c 25,000
(Being bill drawn on Y for three months and part payment received)
4.Apr.2019
Y’s A/c .....Dr. 15,000
To Bills Receivable A/c 15,000
(Being a bill dishonoured by Y)
14.apr.2019
Bank A/c....Dr 15,000
To Y’s A/c 15,000
(Being paid by Y after 10 days)
In the book of Y:
1st January, 2019
Purchases A/c ....Dr. 25,000
To X’s A/c 25,000
(Being goods purchased from X on credit)
1st January, 2019
X’s A/c ......Dr 25,000
To Bank A/c 10,000
To Bills Payable A/c 15,000
(Being acceptance given to X and part payment given)
4.Apr.2019
Bills Payable A/c ....Dr. 15,000
Noting Charges A/c ....Dr 150
To X’s A/c 15,000
To Cash A/c 150
(Being a bill dishonoured and nothing charges paid)
14.Apr.2019
X’s A/c .....Dr. 15,000
To Bank A/c 15,000
(Being due the amount paid to X)
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