Question

y was indebted to X Rs 4000 on 1 January 2010 and sent his acceptance of a bill drawn by X payable 3 month after date. X endorsed it on 4 February 2010 to his creditor Z,. On due date the bill was duly met,.​

Answer 1

Answer:

IN THE BOOKS OF X

Y's a/c                                      dr          4000

  To Sales a/c                                                       4000

Bills Recievable a/c                dr          4000

   To Y's a/c                                                           4000

4.2.2010

Z's a/c                                      dr          4000

   To Bills Recievable a/c                                     4000

   Explanation: