Ajay purchased goods from Bharat for Rs. 15,000 on March 1. 2015 and accepted a bill drawn by Bharat on him, for the same amount. The bill was payable after 60 days. On May 10, 2015 Bharat sent the bill to his bank for collection. The bill was duly presented by bank on the due date. On the due date
Answer (1)
11th Jan, 2022
Hi there ,
Journal entry for this transaction in books of Bharat will be following:
Ajay A/c Dr. 15000
To sales A/c 15000
Bills receivable A/c Dr. 15000
To Ajay A/c 15000
Cash A/c Dr. 15000
To bills receivable A/c 15000
Journal entry in books of Ajay will be following:
Purchase A/c Dr. 15000
To Baharat 15000
Baharat A/c Dr. 15000
To bills payable A/c 15000
Bills payable A/c 15000
To cash A/c 15000
Hope it helps you.
Good luck!
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