On January
Ritu for
ds. 5,000 payable
I sight, against
4 months
or 4th & benary
a rebate
9. pia
in the books
1, 1997 Sagu accepted a bill
deawn on tim
him by
after
nst his dues
during surplus junds, she paid off the
bile
and was allowed
Show Jouend entriy
I saja and Rita
,
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Answer:
Answer:
In books of Ritu
1997
jan.1. Bills receivable a/c Dr 5000
To Saju. 5000
4feb. cash a,/c. Dr 4925
Rebate on bill a/c Dr 75
To Bill receivable a,/c. 5000
Rebate on bill = 5000×6/100×3/12=75
As Saju made payment three months earlier so rebate will calculate for 3months
In books of Saju
jan.1 Ritu. Dr. 5000
To Bills payable a/c 5000
feb.4. Bill payable a/c. Dr 5000
To cash account. 4925
To rebate on bill a/c. 75
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