Sudhir Kumar sold goods to Naveen Kumar to the value of `10,000/-. on April 1, 2018
drawing upon him a bill for the amount payable 3 months after date. Naveen Kumar
accepted the bill and returned it to Sudhir. On the due date bill was honoured. Pass
necessary journal entries.
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Answer:
Required Journal Entries :
In the Books Of Sudhir ;
1 ) Naveen ac Dr. 10,000
To sales ac. 10,000
( Sold goods to Naveen )
2 ) Bill's Receivable ac Dr 10,000
To Naveen ac. 10,000
( Drew bill on Naveen )
3 ) Cash ac Dr. 10,000
To Bill's R ac 10,000
( Bill was honoured in due date )
In the Books Of Naveen ;
1 ) Purchases ac Dr 10,000
To Sudhir ac. 10,000
( Purchases goods from Sudhir )
2 ) Sudhir ac Dr. 10,000
To Bill's payable ac. 10,000
( Accepted bill from Sudhir )
3 ) Bill's P ac Dr. 10,000
To Cash ac 10,000
( Bills honoured on due date )
• Due date will be on 4th July 2018.
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