Question

Retiring a Bill under RebateQ. 12. On January 1, 2017, Ajay sold goods to Balbir for 10,000 at a discount of20%. On that date, Balbir accepted a bill, drawn on him by Ajay for 38,000 payable 3months after sight. Having surplus funds, Balbir paid off the bill on 4th March, 2017and was allowed a rebate of 18% per annum. Show Journal entries in the books of Ajayand Balbir.​

Answer 1

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Answer 2

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