Question

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 1

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.