Question

Rama sold goods of ₹ 12,000, charged IGST @ 18% to Reshma on 1st January, 2018. On the same date Rama draws a bill on Reshma for ₹ 12,000 for a period of 3 months and received the balance amount by cheque. On receipt of the bill on 1st January, 2018 duly accepted by Reshma, Rama discounts it with a bank at 6% p.a. On the date of maturity, the bill was dishonoured, the bank having to pay ₹ 500 as noting charges. Reshma paid the due amount less ₹ 500 in full settlement.
Show Journal entries arising from the above in the books of both Rama and Reshma.

Answer 1

Answer:

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