Question

X draws a bill on Y for 3,000 payable 2 months after date. The bill was duly accepted and
returned by Y to X. X then discounted the bill at 6 p.a. On the due date the bill was met. GiveJournal entries in the books of both the parties.​

Answer 1

Answer:

In books of X

Bills receivable account Dr 3000

To Y. 3000

Bank account. Dr 2970

discount charge Dr 30

To Bill receivable. 3000

discount charge = 3000*6/100/2/12=30

In books of Y

X. Dr. 3000

To bills payable 3000

after two months

Bills payable Dr 3000

To bank account. 3000

Answer 2

Explanation:

Enter the following transactions of Rupinder in his Single Column cash Book and balance it