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1apirl 2010 sharma received an acceptance for Rs.6000 from pathania. The bill is payable afyer three montjs. Sharma got the acceptancw discounted at 9%p.a. at his bank. on the due date the bill was paid by pathania. Give journal entries in the books of sharm And pathani.( bill is discounted from bank)?
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1apirl 2010 sharma received an acceptance for Rs.6000 from pathania. T...
Journal Entries in the Books of Sharma and Pathania for a Discounted Bill
Journal Entries in the Books of Sharma:
When Sharma received the acceptance from Pathania:
Date: 1 April 2010
Particulars | L.F | Debit | Credit
---|---|---|---
Pathania’s acceptance A/c | | 6000 |
To Pathania’s A/c | | | 6000
(Note: This entry records the acceptance received from Pathania.)
When Sharma discounted the bill at his bank:
Date: 1 April 2010
Particulars | L.F | Debit | Credit
---|---|---|---
Bank A/c | | 5490 |
Discount A/c | | 510 |
To Pathania’s acceptance A/c | | | 6000
(Note: This entry records the discounting of the bill at the bank. The discount of Rs.510 is calculated as Rs.6000 x 9% x 3/12.)
When Sharma received the payment from Pathania:
Date: 1 July 2010
Particulars | L.F | Debit | Credit
---|---|---|---
Pathania’s A/c | | | 6000 |
Discount A/c | | | 510 |
Bank A/c | | 5490 |
(Note: This entry records the payment received from Pathania on the due date. The discount of Rs.510 is reversed, and the bank account is credited with the net amount received.)
Journal Entries in the Books of Pathania:
When Pathania gave the acceptance to Sharma:
Date: 1 April 2010
Particulars | L.F | Debit | Credit
---|---|---|---
Sharma’s A/c | | | 6000 |
To Acceptance A/c | | 6000 |
(Note: This entry records the acceptance given to Sharma.)
When Pathania paid the bill on the due date:
Date: 1 July 2010
Particulars | L.F | Debit | Credit
---|---|---|---
Acceptance A/c | | | 6000 |
To Bank A/c | | 6000 |
(Note: This entry records the payment made by Pathania on the due date. The acceptance account is debited, and the bank account is credited with the amount paid.)
Journal Entries in the Books of Sharma:
When Sharma received the acceptance from Pathania:
Date: 1 April 2010
Particulars | L.F | Debit | Credit
---|---|---|---
Pathania’s acceptance A/c | | 6000 |
To Pathania’s A/c | | | 6000
(Note: This entry records the acceptance received from Pathania.)
When Sharma discounted the bill at his bank:
Date: 1 April 2010
Particulars | L.F | Debit | Credit
---|---|---|---
Bank A/c | | 5490 |
Discount A/c | | 510 |
To Pathania’s acceptance A/c | | | 6000
(Note: This entry records the discounting of the bill at the bank. The discount of Rs.510 is calculated as Rs.6000 x 9% x 3/12.)
When Sharma received the payment from Pathania:
Date: 1 July 2010
Particulars | L.F | Debit | Credit
---|---|---|---
Pathania’s A/c | | | 6000 |
Discount A/c | | | 510 |
Bank A/c | | 5490 |
(Note: This entry records the payment received from Pathania on the due date. The discount of Rs.510 is reversed, and the bank account is credited with the net amount received.)
Journal Entries in the Books of Pathania:
When Pathania gave the acceptance to Sharma:
Date: 1 April 2010
Particulars | L.F | Debit | Credit
---|---|---|---
Sharma’s A/c | | | 6000 |
To Acceptance A/c | | 6000 |
(Note: This entry records the acceptance given to Sharma.)
When Pathania paid the bill on the due date:
Date: 1 July 2010
Particulars | L.F | Debit | Credit
---|---|---|---
Acceptance A/c | | | 6000 |
To Bank A/c | | 6000 |
(Note: This entry records the payment made by Pathania on the due date. The acceptance account is debited, and the bank account is credited with the amount paid.)
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1apirl 2010 sharma received an acceptance for Rs.6000 from pathania. The bill is payable afyer three montjs. Sharma got the acceptancw discounted at 9%p.a. at his bank. on the due date the bill was paid by pathania. Give journal entries in the books of sharm And pathani.( bill is discounted from bank)?
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1apirl 2010 sharma received an acceptance for Rs.6000 from pathania. The bill is payable afyer three montjs. Sharma got the acceptancw discounted at 9%p.a. at his bank. on the due date the bill was paid by pathania. Give journal entries in the books of sharm And pathani.( bill is discounted from bank)? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about 1apirl 2010 sharma received an acceptance for Rs.6000 from pathania. The bill is payable afyer three montjs. Sharma got the acceptancw discounted at 9%p.a. at his bank. on the due date the bill was paid by pathania. Give journal entries in the books of sharm And pathani.( bill is discounted from bank)? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 1apirl 2010 sharma received an acceptance for Rs.6000 from pathania. The bill is payable afyer three montjs. Sharma got the acceptancw discounted at 9%p.a. at his bank. on the due date the bill was paid by pathania. Give journal entries in the books of sharm And pathani.( bill is discounted from bank)?.
1apirl 2010 sharma received an acceptance for Rs.6000 from pathania. The bill is payable afyer three montjs. Sharma got the acceptancw discounted at 9%p.a. at his bank. on the due date the bill was paid by pathania. Give journal entries in the books of sharm And pathani.( bill is discounted from bank)? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about 1apirl 2010 sharma received an acceptance for Rs.6000 from pathania. The bill is payable afyer three montjs. Sharma got the acceptancw discounted at 9%p.a. at his bank. on the due date the bill was paid by pathania. Give journal entries in the books of sharm And pathani.( bill is discounted from bank)? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 1apirl 2010 sharma received an acceptance for Rs.6000 from pathania. The bill is payable afyer three montjs. Sharma got the acceptancw discounted at 9%p.a. at his bank. on the due date the bill was paid by pathania. Give journal entries in the books of sharm And pathani.( bill is discounted from bank)?.
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1apirl 2010 sharma received an acceptance for Rs.6000 from pathania. The bill is payable afyer three montjs. Sharma got the acceptancw discounted at 9%p.a. at his bank. on the due date the bill was paid by pathania. Give journal entries in the books of sharm And pathani.( bill is discounted from bank)?, a detailed solution for 1apirl 2010 sharma received an acceptance for Rs.6000 from pathania. The bill is payable afyer three montjs. Sharma got the acceptancw discounted at 9%p.a. at his bank. on the due date the bill was paid by pathania. Give journal entries in the books of sharm And pathani.( bill is discounted from bank)? has been provided alongside types of 1apirl 2010 sharma received an acceptance for Rs.6000 from pathania. The bill is payable afyer three montjs. Sharma got the acceptancw discounted at 9%p.a. at his bank. on the due date the bill was paid by pathania. Give journal entries in the books of sharm And pathani.( bill is discounted from bank)? theory, EduRev gives you an
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