Question

X draws a bill on y for ₹3000 poyable 2 months after
date. The bill was duly accepted and returned by Y to X.
x then discounted the bill of 6%.p.a. On the due date
the bill was met. Give journal entries in the books of
both parties. Tha first person who answer i will mark brainlist​

Answer 1

Answer:

In book of X.

Bill 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

In books of Y.

X. Dr. 3000

To bill payable 3000

after two months

Bill payable Dr.3000

To bank account 3000

Explanation:

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