Question

On 1st January, A sells goods for Rs.10,000 to B and draws a Bill at three months for the

amount. B accepts it and returns it to A. On 1st March, B retires his acceptance under Rebate

of 12% per annum. Record these transactions in the Journals of A. [​

Answer 1

Answer:

We are the future of Our country.Never Spoil our Country's Future. Jay Bharat

Answer 2

Explanation:

Books Of A

B A/c. Dr 10000

To Sales A/c. 10000

(Being Goods Sold To B)

Bills Recievable A/c Dr. 10000

To B A/c. 10000

(Being Bills Recieved From B)

Cah A/c Dr. 9800

Rebate A/c. Dr. 200

To Bills Recievable A/c. 10000

(Being B Retires His Acceptance And Provided 200 Rebate To B)

Rebate Calculation

10000×12/100×2/12