Question

Vishal sold goods for ₹ 7,000 to Manju on Jan 05, 2015 and drew upon her

a bill of exchange payable after 2 months. Manju accpted Vishal’s draft and

handed over the same to Vishal after acceptance. Vishal immediately

discounted the bill with his bank @12 p.a. On the due date Manju met her

accptance. (6)

Jounalise the above transactions in the books of Vishal and Manju?​

Answer 1

Answer:

Books of Vishal

5 jan Manju dr. 7000

To sales a/c. 7000

5 jan. Bills receivable acc. dr 7000

To Manju. 7000

5 jan. Bank account. dr. 6860

discount charges dr. 140.

To B/R. account. 7000

discount charges=7000×12/100/2/12=140

books of Manju.

5jan. Purchase account. dr 7000

To Vishal. 7000

5 jan. Vishal account. dr. 7000

To bills payable acc. 7000

8 mar. Bills payable acc. dr. 7000

To bank account. 7000