On 1st june ,2013 a bill was drawn by ram on shyam, for three months for rs.20000 which was duly accepted by shayam . The bill was kept by shyam till the date of maturity. On the date of maturity the bill was honoured . Give neccessary journal entries in the books of both parties.
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the answer is 20000
at 2013
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in the bok of ram
1st june 2013-shyam a/c .........Dr-20000
to sales a/c 20000
[being goods sold on credit ]
1st june -bills receivable a/c.......Dr -20000
to shyam a/c -20000
[ being acceptance received at three months]
3rd sep - shyam a/c ......Dr -20000
To bills receivable a/c - 20000 [ being bills honored ]
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