Question

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
,​

Answer 1

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