Question

y owed 2600 to x.on 5th march he accept the bill of 2500for one months drawn by x ​

Answer 1

The maker of a bill of exchange or cheque is called the "drawer"; the person thereby directed to pay is called the "drawee".

So, here X is drawer and Y is drawee.

JOURNAL ENTRY:-

IN THE BOOKS OF "X"

Y's a/c. Dr. 2500

To Bills receivable a/c. 2500

(being Bill received from Y)