Q4.
Ravi sold goods to Ram on 1st July 20 for Rs. 25000 and received 5000 immediately. For
balance amount Ram accepted a bill for 3 months. Ravi sent the bill for collection to
kamal on 25 sep. On maturity date, Ram paid his liability.
Prepare the Journal entries in the books of Ram and Ravi.
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In books of Ravi
19 july
Ram. dr. 25000
To sales account. 25000
Cash account. dr 5000
Bills receivable. dr 20000
To Ram. 25000
25 Sept.
Bill sent for collection. dr 20000
To Bills receivable. 20000
22 Oct.
Bank account. dr 20000
To bill sent for collection. 20000
In books of Ram
29 july
Purchase account dr. 25000
To Ravi. 25000
Ravi. dr. 25000
To cash account. 5000
To bills payable. 20000
22 0ct.
Bills payable. dr 20000
To bank account. 20000
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