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B purchased goods from A to the value of rs 15000 on 15th April 2020 on the same date a drew and b accepted a two months bill for the amount .on 18 April A discounted the bill with his bank @9%p.a. B paid the bill on due date (pass necessary journal entries in the books of both the parties?
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B purchased goods from A to the value of rs 15000 on 15th April 2020 o...
Journal Entries for Purchase of Goods and Discounting of Bill
Purchase of Goods by B from A
The following are the journal entries in the books of B for the purchase of goods from A:
Date Particulars L.F. Amount (Rs.)
15th April 2020 Purchases A/c Dr. 15,000
To A A/c 15,000
Discounting of Bill by A
The following are the journal entries in the books of A for discounting the bill with his bank:
Date Particulars L.F. Amount (Rs.)
18th April 2020 Bank A/c Dr. 14550
Discount A/c Dr. 450
To B A/c 15000
Payment of Bill by B
The following are the journal entries in the books of B for the payment of the bill on the due date:
Date Particulars L.F. Amount (Rs.)
15th June 2020 A A/c Dr. 15,000
To Bank A/c 15,000
Explanation
Purchase of Goods by B from A
When B purchases goods from A, the journal entry is recorded in the books of B. The account to be debited is Purchases A/c and the account to be credited is A A/c.
Discounting of Bill by A
When A discounts the bill with his bank, the journal entry is recorded in the books of A. The account to be debited is Bank A/c and Discount A/c. The account to be credited is B A/c.
Payment of Bill by B
When B pays the bill on the due date, the journal entry is recorded in the books of B. The account to be debited is A A/c and the account to be credited is Bank A/c.
Conclusion
In conclusion, the above journal entries are recorded when B purchases goods from A, A discounts the bill with his bank, and B pays the bill on the due date. It is important to record these transactions accurately in the books of accounts to maintain proper financial records.
Purchase of Goods by B from A
The following are the journal entries in the books of B for the purchase of goods from A:
Date Particulars L.F. Amount (Rs.)
15th April 2020 Purchases A/c Dr. 15,000
To A A/c 15,000
Discounting of Bill by A
The following are the journal entries in the books of A for discounting the bill with his bank:
Date Particulars L.F. Amount (Rs.)
18th April 2020 Bank A/c Dr. 14550
Discount A/c Dr. 450
To B A/c 15000
Payment of Bill by B
The following are the journal entries in the books of B for the payment of the bill on the due date:
Date Particulars L.F. Amount (Rs.)
15th June 2020 A A/c Dr. 15,000
To Bank A/c 15,000
Explanation
Purchase of Goods by B from A
When B purchases goods from A, the journal entry is recorded in the books of B. The account to be debited is Purchases A/c and the account to be credited is A A/c.
Discounting of Bill by A
When A discounts the bill with his bank, the journal entry is recorded in the books of A. The account to be debited is Bank A/c and Discount A/c. The account to be credited is B A/c.
Payment of Bill by B
When B pays the bill on the due date, the journal entry is recorded in the books of B. The account to be debited is A A/c and the account to be credited is Bank A/c.
Conclusion
In conclusion, the above journal entries are recorded when B purchases goods from A, A discounts the bill with his bank, and B pays the bill on the due date. It is important to record these transactions accurately in the books of accounts to maintain proper financial records.
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B purchased goods from A to the value of rs 15000 on 15th April 2020 on the same date a drew and b accepted a two months bill for the amount .on 18 April A discounted the bill with his bank @9%p.a. B paid the bill on due date (pass necessary journal entries in the books of both the parties?
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B purchased goods from A to the value of rs 15000 on 15th April 2020 on the same date a drew and b accepted a two months bill for the amount .on 18 April A discounted the bill with his bank @9%p.a. B paid the bill on due date (pass necessary journal entries in the books of both the parties? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about B purchased goods from A to the value of rs 15000 on 15th April 2020 on the same date a drew and b accepted a two months bill for the amount .on 18 April A discounted the bill with his bank @9%p.a. B paid the bill on due date (pass necessary journal entries in the books of both the parties? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for B purchased goods from A to the value of rs 15000 on 15th April 2020 on the same date a drew and b accepted a two months bill for the amount .on 18 April A discounted the bill with his bank @9%p.a. B paid the bill on due date (pass necessary journal entries in the books of both the parties?.
B purchased goods from A to the value of rs 15000 on 15th April 2020 on the same date a drew and b accepted a two months bill for the amount .on 18 April A discounted the bill with his bank @9%p.a. B paid the bill on due date (pass necessary journal entries in the books of both the parties? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about B purchased goods from A to the value of rs 15000 on 15th April 2020 on the same date a drew and b accepted a two months bill for the amount .on 18 April A discounted the bill with his bank @9%p.a. B paid the bill on due date (pass necessary journal entries in the books of both the parties? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for B purchased goods from A to the value of rs 15000 on 15th April 2020 on the same date a drew and b accepted a two months bill for the amount .on 18 April A discounted the bill with his bank @9%p.a. B paid the bill on due date (pass necessary journal entries in the books of both the parties?.
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B purchased goods from A to the value of rs 15000 on 15th April 2020 on the same date a drew and b accepted a two months bill for the amount .on 18 April A discounted the bill with his bank @9%p.a. B paid the bill on due date (pass necessary journal entries in the books of both the parties?, a detailed solution for B purchased goods from A to the value of rs 15000 on 15th April 2020 on the same date a drew and b accepted a two months bill for the amount .on 18 April A discounted the bill with his bank @9%p.a. B paid the bill on due date (pass necessary journal entries in the books of both the parties? has been provided alongside types of B purchased goods from A to the value of rs 15000 on 15th April 2020 on the same date a drew and b accepted a two months bill for the amount .on 18 April A discounted the bill with his bank @9%p.a. B paid the bill on due date (pass necessary journal entries in the books of both the parties? theory, EduRev gives you an
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