On 1st July 2016, Jacob sold goods to
ny 2010, Jacob sold goods to Philips for 5.000 & draw on him a bill of exchange for this
mt. Due arter three months. On due date Philips expressed his inability to meet the bill &
asked him to accept 2000 in cash, & draw a new bill for the balance plus interest at 15% p.a. for
wee months. Jacob agreed to this & renewed the bill. On the Due date bill was dishonoured.
Give necessani inurnal entry in the books of drawer.
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Answer:
In the books of Jacob
- Phillips A/C dr. 5000
to sales A/C 5000
B/R A/C dr. 5000
to Phillips A/C 5000
Philips A/C dr 5000
to B/R A/C 5000
Cash A/C 5000
to Phillips A/C 5000
Bank A/ C dr 4812.5
Discounting Charges A/ C dr 182.5
to B/R A/C 5000
Explanation:
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