On Jan. 01, 2016 Arun sold goods for Rs 30,000 to Sunil. 50% of the payment was made immediately by Sunil on which Arun allowed a cash discount of 2%. For the balance Sunil drew a promissory note in favour of Arun payable after 20 days. Since, the date of maturity of bill was a public holiday, Arun presented the bill on a day, as per the provisions of Negotiable Instrument Act which was met by Sunil. State the date on which the bill was presented by Arun for payment and Jounalise the above transactions in the books of Arun and Sunil.
Answers
Answer:
Explanation:
Books of Arun
2006 Sunil A/c 30000
Jan 1 To sales 3000
Jan 1 Cash A/c 14700
Discount A/c 300
To Sunil A/c 15000
Jan 1 Bill receivable 15000
To Sunil A/c 15000
Jan 23 cash A/c 15000
To Bills receivable 15000
Books of Sunil
2016
Jan 01 Purchase A/c 30000
To Arun 30000
Jan 01 Arun A/c 15000
To cash A/c 14700
To Bills receivable 300
Jan 01 Arun A/c 15000
To bills payable 15000
Jan 23 Bills payable 15000
To cash A/c 15000