Question

Ritesh and Naina were in need of funds temporarily. On August 01 2017
Ritesh drew upon Naina a bill for Rs. 12,000 for 4 months. Naina Accepted
the bill and returned to Ritesh. Ritesh discounted the Bill @ 8$\%$ p.a.
Half amount of the discounted bill remitted to Naina. On due date,
Ritesh sent the required sum to Naina, who met the bill. Journalise the
transaction in the books of both the parties.

Answer 1

Answer:

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Answer 2

The correct journal entries are -

In the books Of Ritesh

1.  B/r A/c 12000 Dr.

To Naina 12000

2. Bank A/c 11680 Dr.

Discount A/c 320

To B/R A/c 12000

3. Naina A/c 6000 Dr.

To Cash A/c 5840

To Discount A/c 160

4. Naina A/c 6000 Dr.

To Cash A/c 6000

In the Books of Naina

1.  Ritesh A/c 12000 Dr.

To B/p A/c 12000

2. Cash A/c 5840 Dr.

Discount A/c 160 Dr.

To Ritesh 6000

3. Cash A/c 6000 Dr.

To Ritesh A/c 6000

4. B/p A/c 12000 Dr.

To Bank A/c 12000