sold to B goods worth 1,000 on credit on 1 Jan., 2016 and drew a bill for three months. B accepted the bill and returned the same to A. Record these transactions in Journal to A and B. [Ans. Total of Journal 2,000].
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Answers
Step-by-step explanation:
Date of Bill
Tenure
Calculation
Due Date
(i) December 01, 2018
60 Days
30 (December) + 30 (January) + 3 days of grace
February 02, 2019
(ii) April 30, 2019
2 Months
2 Months from April 30, 2019 would be June 30, 2019 + 3 days of grace
July 03, 2019
(iii) January 28, 2019
1 Month
1 Month from January 28, 2019 would be February 28, 2019 + 3 days of grace
March 03, 2019
(iv) November 23, 2018
2 Months
2 Months from November 23, 2018 would be January 23, 2019 + 3 days of grace
January 26, 2019, but it is a national holiday so, due date would be one day before i.e., January 25, 2019
(v) May 29, 2018
4 Months
4 Months from May 29, 2019 would be September 29, 2019 + 3 days of grace
October 02, 2019 but it is a national holiday so, due date would be one day before i.e., October 01, 2019
Step-by-step explanation:
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