Accountancy, asked by adarsh50905, 2 months ago

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.

Answers

Answered by sangeeta9470
0

Answer:

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

Similar questions