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Question

On March 15, 2010 Ramesh sold goods for Rs. 8,000 to Deepak on credit. Deepak accepted a bill of exchange drawn upon him by Ramesh payable after three months. On April, 15 Ramesh endorsed the bill in favour of his creditor Poonam in full settlement of her debt of Rs. 8,250. On May 15, Poonam discounted the bill with her bank @ 12% p.a. On the due date Deepak met the bill. Record the necessary journal entries in the books of Ramesh.

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Solution

Journal of Ramesh2010Mar.15Deepak A/c Dr.8,000To Sales A/c8,000(Sold goods to Deepak on credit)Mar.15Bills Receivable A/c Dr.8,000To Deepak A/c8,000Received Deepak's acceptance for three monthsApr.15Poonam's A/c Dr.8,250To Bills Receivable A/c8,000To Discount Received A/c 250


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