Question

Sudesh purchased goods for R21000 rone Sharmest on Ist steamer, 2019 and accepted bill of exchange drawn by a Sharmesh for the same amount. The bill was payable after 2 months. On 25th September 2019 Dharmesh sent the bill to his bank. for collection The bill was duly presented by the bank on the due date. of maturity, Sudesh dishonoured the bill.
Record the necessary journal entries for the above transactions in the book of "Sudesh and Dharmesh.

Answer 1

Answer:

Mohan Singh draws a bill on Jagat for ₹ 1,000 payable 2 months after date. Immediately after its acceptance, Mohan Singh sends the bill to his bank for collection.