Question

On 25 March,2017, P sold goods to Q for Rs 9000 and drew upon him a bill for 3 months for the amount.Q accepted the bill and returned the same to P. On 1 April 2017, P purchased goods from R for Rs 10000 and endorsed Q's acceptance to R along with a cheque for Rs 900 in full settlement of his account. On due date, the bill was duly met.
Pass journal entries in the books of P,Q and R.

Answer 1

for p:-
Q a/c dr 9000
to sales a/c. 9000
(being sold goods to Q)

for Q:-
p a/c dr 9000
to cash. 9000
(being paid bill payable to p)

for r:-
purchase a/c dr 10000
to cash a/c 9000
to bank a/c. 900
to discount recive. 100
(being purchase goods of 10000 from r against rs 9000 cash and rs900 cheques and recived discount of rs100)

Answer 2

Explanation:

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