Question

OR
Rama sold goods of Rs. 12,000, charged IGST @ 18% to Reshma on 1st January 2018. On the
same date, Rama draws a bill on Reshma for Rs. 12,000 for a period of 3 months and
received the balance amount by cheque. On receipt of the bill on 1st January 2018 duly
accepted by Reshma, Rama discounts it with a bank at 6% p.a. On the date of maturity,
the bill was dishonoured, the bank having to pay Rs.500 as noting charges. Reshma paid
the due amount less Rs.500 in full settlement.
Show Journal entries arising from the above in the books of both Rama and Reshma.​

Answer 1

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