Question 28.
On 1st January, 2018, Mr. X sold goods to Mr. Y for ₹ 4,500 on credit and drew 3 bills on him first bill for ₹ 1,000 for 1 month, second bill for ₹ 1,500 for 2 months and third bill for ₹ 2,000 for 3 months. Mr. Y accepted and returned all the bills to Mr. X.
The first bill was retained by Mr. X till the date of maturity. Second bill was endorsed to his creditor Mr. Z on 3rd January, 2018 and third bill was sent to bank for collection on 4th January, 2017. On maturity all the bills were dishonoured and noting charges amount to ₹ 10, ₹ 15 and ₹ 20 respectively. Give the Journal entries in the books of X, Y and Z.
Answers
Answer:
exercise 7 underline the subject in the following sentences
Answer:
Explanation:
You have mentioned journals of X , So I am putting Journals of Y and Z
In the books of Y
Journals
Purchase A/c 4500
To X's A/c 4500
X's A/c 4500
To Bills Payable A/c (bill no.1) 1000
To Bills Payable A/c (bill no.2) 1500
To Bills Payable A/c (bill no.3) 2000
Bills Payable A/c (biil no1) 1000
Charges A/c 10
To X's A/c 1010
Bills Payable A/c (biil no2) 1500
Charges A/c 15
To X's A/c 1515
Bills Payable A/c (biil no3) 2000
Charges A/c 20
To X's A/c 2020
BOOKS OF Z JOURNAL
Bills Receivable A/c 1500
To X's A/c 1500
X's A/c 1515
To Bills Receivable A/c 1500
To Bank A/c 15