Question

raju sold goods to varun on credit for rs10000 on 8th janaury , 2016.he draw a bill on varun for the amount and accepted.the bill was met on due date .pass journal entries in the books of raju and varun​

Answer 1

Answer:

Please mark the maturity time for bill i assumed 3 months

Explanation:

In books of raju

8-1 varun.... Dr 10000

To sales AC 10000

8-1 bills recieveble AC... Dr 10000

To raju 10000

11-4 cash AC..... Dr 10000

To bills recieveble AC 10000

In books of varun

8-1 purchase AC....dr 10000

To raju 10000

8-1 raju......... Dr 10000

To bills payable AC 10000

11-4 bills payable AC.. Dr 10000

To cash AC 10000