White sold goods to black for rupees 2,000on 1st july ,2016 and drew upon him a bill for the amount payable after 3months.Black accepted it and returned the same to white .the bill was dully met on the due date . Give journal entries in the books of bith parties
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Books of White (Drawer- the one who draws the bill)
1/7/16 Black a/c ...Dr. 2000
To sales a/c 2000
(being goods sold)
1/7/16 Bill Receivable a/c ..Dr. 2000
To Black a/c 2000
(being bill drawn and accepted)
4/10/16 Cash/bank a/c ...Dr. 2000
To Bills Receivable a/c 2000
(being amount received on due date)
Books of Black (Drawee- the one who accepts the bill)
1/7/16 Purchases a/c ...Dr. 2000
To White a/c 2000
(being goods bought)
1/7/16 White a/c ...Dr. 2000
To Bills Payable a/c 2000
(being bill received and accepted)
4/10/16 Bills Payable a/c ...Dr. 2000
To Cash/bank a/c 2000
(being payment made on due date)
Hope this helps! :)
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