Soham sold goods to Rohan worth `.30,000 on 1st March, 2013. Rohan accepted a bill for three months drawn on him by Soham on 1st March, 2013. On 21st May, Rohan requested that the bill be renewed for a further period of two months. Soham agreed provided 10% interest p.a. would be charged. Soham then drew a new bill for the amount of original plus interest at 10% p.a. for two months. Rohan accepted the new bill. On the due date the new bill was honoured. You are required to give journal entries in the books of Soham and Rohan.
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Answer:
Soham sold goods to Rohan worth `.30,000 on 1st March, 2013. Rohan accepted a bill for three months drawn on him by Soham on 1st March, 2013. On 21st May, Rohan requested that the bill be renewed for a further period of two months. Soham agreed provided 10% interest p.a. would be charged. Soham then drew a new bill for the amount of original plus interest at 10% p.a. for two months. Rohan accepted the new bill. On the due date the new bill was honoured. You are required to give journal entries in the books of Soham and Rohan.
Answer:
Soham sold goods to Rohan worth `.30,000 on 1st March, 2013. Rohan accepted a bill for three months drawn on him by Soham on 1st March, 2013. On 21st May, Rohan requested that the bill be renewed for a further period of two months. Soham agreed provided 10% interest p.a. would be charged. Soham then drew a new bill for the amount of original plus interest at 10% p.a. for two months. Rohan accepted the new bill. On the due date the new bill was honoured. You are required to give journal entries in the books of Soham and Rohan.
Answer:
Soham sold goods to Rohan worth `.30,000 on 1st March, 2013. Rohan accepted a bill for three months drawn on him by Soham on 1st March, 2013. On 21st May, Rohan requested that the bill be renewed for a further period of two months. Soham agreed provided 10% interest p.a. would be charged. Soham then drew a new bill for the amount of original plus interest at 10% p.a. for two months. Rohan accepted the new bill. On the due date the new bill was honoured. You are required to give journal entries in the books of Soham and Rohan.
Answer:
Soham sold goods to Rohan worth `.30,000 on 1st March, 2013. Rohan accepted a bill for three months drawn on him by Soham on 1st March, 2013. On 21st May, Rohan requested that the bill be renewed for a further period of two months. Soham agreed provided 10% interest p.a. would be charged. Soham then drew a new bill for the amount of original plus interest at 10% p.a. for two months. Rohan accepted the new bill. On the due date the new bill was honoured. You are required to give journal entries in the books of Soham and Rohan.
Answer:
Soham sold goods to Rohan worth `.30,000 on 1st March, 2013. Rohan accepted a bill for three months drawn on him by Soham on 1st March, 2013. On 21st May, Rohan requested that the bill be renewed for a further period of two months. Soham agreed provided 10% interest p.a. would be charged. Soham then drew a new bill for the amount of original plus interest at 10% p.a. for two months. Rohan accepted the new bill. On the due date the new bill was honoured. You are required to give journal entries in the books of Soham and Rohan.
Answer:
Soham sold goods to Rohan worth `.30,000 on 1st March, 2013. Rohan accepted a bill for three months drawn on him by Soham on 1st March, 2013. On 21st May, Rohan requested that the bill be renewed for a further period of two months. Soham agreed provided 10% interest p.a. would be charged. Soham then drew a new bill for the amount of original plus interest at 10% p.a. for two months. Rohan accepted the new bill. On the due date the new bill was honoured. You are required to give journal entries in the books of Soham and Rohan.