Ram sells goods for Rs 60,000 to Rima on 1st January, 2020 and on the same day draws a bill on Rima at three months for the amount. Rima accepts it and returns it to Ram , who discounted it on 4th January, 2020 with his bank at 6% p.a. The acceptance is dishonoured on the due date and the noting charges were paid by bank being Rs 250.
On 14th April, 2020, Rima paid full amount by cheque.
Make Journal entries to record these transactions in the books of Ram and Rima.
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Venture Account
Particulars Rs Particulars Rs
To Ram purchased 100000 By Sales 200000
To Spent to Mohan 6000 By Goods taken over 2000
To Insurance 2000
To Discount on Bill 3000
To Cartage 3000
To Rent 5000
To Advertisement 5000
To Profit on Venture 78000
Ram-39000(1/2)
Mohan-39000(1/2)
Total 202000 Total
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