Question

Y owes Rs 1,000 to X on 1st
October, 2013 and sends his
promissory note for the
payment payable two months
after date. The promissory
note is discounted by X on 4th
October, 2013 @ 6% p.a from
his banker. Y pays off on
maturity. Give journal entries
in the books of X. *​

Answer 1

Answer:

B/R. a/c. Dr. 1000

to Y. 1000

Bank. a/c. Dr. 1000

dis. allowed. Dr. 100

to. B/R. a/c. 1100

bank a/c Dr. 1000

to. B/R. a/c. 1000

Explanation:

it is the ans of this question

Answer 2

Answer:

Y owes Rs 1,000 to X on 1st

October, 2013 and sends his

promissory note for the

payment payable two months

after date. The promissory

note is discounted by X on 4th

October, 2013 @ 6% p.a from

his banker. Y pays off on

maturity. Give journal entries

in the books of X. *