B Com Exam > B Com Questions > Raju sold goods worth of 8000/- to Surya on 1...
Start Learning for Free
Raju sold goods worth of 8000/- to Surya on 1-5-2016 on credit. He drafted a bill of exchange for the same amount for 4 months.which was accepted and returned by surya.on the same day Raju got it discounted with his bank @6% on maturity the bill was honoured.pass necessary journal entries in the books of both the parties?
Most Upvoted Answer
Raju sold goods worth of 8000/- to Surya on 1-5-2016 on credit. He dra...
Journal Entries in the Books of Raju:
1. On sale of goods on credit:
Debtor A/c.................Dr 8000
To Sales A/c...............................8000
2. On acceptance of bill by Surya:
Bills Receivable A/c......Dr 8000
To Surya A/c...............................8000
3. On discounting of bill with the bank:
Bank A/c........................Dr 7,680
Discount A/c...................Dr 320
To Bills Receivable A/c...........8000
4. On maturity and honour of bill:
Bank A/c......................Dr 8000
To Bills Receivable A/c..........8000
Journal Entries in the Books of Surya:
1. On acceptance of bill:
Raju A/c..................Dr 8000
To Bills Payable A/c.............8000
2. On payment of bill at maturity:
Bills Payable A/c.............Dr 8000
To Bank A/c...........................8000
Explanation:
1. On sale of goods on credit:
When Raju sold goods worth of 8000/- to Surya on 1-5-2016 on credit, the following entry will be passed in the books of Raju.
Debtor A/c.................Dr 8000
To Sales A/c...............................8000
2. On acceptance of bill by Surya:
Raju drafted a bill of exchange for the same amount for 4 months, which was accepted and returned by Surya. The following entry will be passed in the books of Raju.
Bills Receivable A/c......Dr 8000
To Surya A/c...............................8000
3. On discounting of bill with the bank:
Raju got the bill discounted with his bank @6%. On discounting, Raju will receive an amount of 7,680/- (8000 - 320). The following entry will be passed in the books of Raju.
Bank A/c........................Dr 7,680
Discount A/c...................Dr 320
To Bills Receivable A/c...........8000
4. On maturity and honour of bill:
On maturity, the bill was honoured and Raju received the full amount of the bill from the bank. The following entry will be passed in the books of Raju.
Bank A/c......................Dr 8000
To Bills Receivable A/c..........8000
In the books of Surya, the following entries will be passed:
1. On acceptance of bill:
Surya accepted the bill drafted by Raju. The following entry will be passed in the books of Surya.
Raju A/c..................Dr 8000
To Bills Payable A/c.............8000
2. On payment of bill at maturity:
On maturity, Surya paid the full amount of the bill to the bank. The following entry will be passed in the books of Surya.
Bills Payable A/c.............Dr 8000
To Bank A/c...........................8000
1. On sale of goods on credit:
Debtor A/c.................Dr 8000
To Sales A/c...............................8000
2. On acceptance of bill by Surya:
Bills Receivable A/c......Dr 8000
To Surya A/c...............................8000
3. On discounting of bill with the bank:
Bank A/c........................Dr 7,680
Discount A/c...................Dr 320
To Bills Receivable A/c...........8000
4. On maturity and honour of bill:
Bank A/c......................Dr 8000
To Bills Receivable A/c..........8000
Journal Entries in the Books of Surya:
1. On acceptance of bill:
Raju A/c..................Dr 8000
To Bills Payable A/c.............8000
2. On payment of bill at maturity:
Bills Payable A/c.............Dr 8000
To Bank A/c...........................8000
Explanation:
1. On sale of goods on credit:
When Raju sold goods worth of 8000/- to Surya on 1-5-2016 on credit, the following entry will be passed in the books of Raju.
Debtor A/c.................Dr 8000
To Sales A/c...............................8000
2. On acceptance of bill by Surya:
Raju drafted a bill of exchange for the same amount for 4 months, which was accepted and returned by Surya. The following entry will be passed in the books of Raju.
Bills Receivable A/c......Dr 8000
To Surya A/c...............................8000
3. On discounting of bill with the bank:
Raju got the bill discounted with his bank @6%. On discounting, Raju will receive an amount of 7,680/- (8000 - 320). The following entry will be passed in the books of Raju.
Bank A/c........................Dr 7,680
Discount A/c...................Dr 320
To Bills Receivable A/c...........8000
4. On maturity and honour of bill:
On maturity, the bill was honoured and Raju received the full amount of the bill from the bank. The following entry will be passed in the books of Raju.
Bank A/c......................Dr 8000
To Bills Receivable A/c..........8000
In the books of Surya, the following entries will be passed:
1. On acceptance of bill:
Surya accepted the bill drafted by Raju. The following entry will be passed in the books of Surya.
Raju A/c..................Dr 8000
To Bills Payable A/c.............8000
2. On payment of bill at maturity:
On maturity, Surya paid the full amount of the bill to the bank. The following entry will be passed in the books of Surya.
Bills Payable A/c.............Dr 8000
To Bank A/c...........................8000
Community Answer
Raju sold goods worth of 8000/- to Surya on 1-5-2016 on credit. He dra...
Rajesh
|
Explore Courses for B Com exam
|
|
Similar B Com Doubts
Raju sold goods worth of 8000/- to Surya on 1-5-2016 on credit. He drafted a bill of exchange for the same amount for 4 months.which was accepted and returned by surya.on the same day Raju got it discounted with his bank @6% on maturity the bill was honoured.pass necessary journal entries in the books of both the parties?
Question Description
Raju sold goods worth of 8000/- to Surya on 1-5-2016 on credit. He drafted a bill of exchange for the same amount for 4 months.which was accepted and returned by surya.on the same day Raju got it discounted with his bank @6% on maturity the bill was honoured.pass necessary journal entries in the books of both the parties? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Raju sold goods worth of 8000/- to Surya on 1-5-2016 on credit. He drafted a bill of exchange for the same amount for 4 months.which was accepted and returned by surya.on the same day Raju got it discounted with his bank @6% on maturity the bill was honoured.pass necessary journal entries in the books of both the parties? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Raju sold goods worth of 8000/- to Surya on 1-5-2016 on credit. He drafted a bill of exchange for the same amount for 4 months.which was accepted and returned by surya.on the same day Raju got it discounted with his bank @6% on maturity the bill was honoured.pass necessary journal entries in the books of both the parties?.
Raju sold goods worth of 8000/- to Surya on 1-5-2016 on credit. He drafted a bill of exchange for the same amount for 4 months.which was accepted and returned by surya.on the same day Raju got it discounted with his bank @6% on maturity the bill was honoured.pass necessary journal entries in the books of both the parties? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Raju sold goods worth of 8000/- to Surya on 1-5-2016 on credit. He drafted a bill of exchange for the same amount for 4 months.which was accepted and returned by surya.on the same day Raju got it discounted with his bank @6% on maturity the bill was honoured.pass necessary journal entries in the books of both the parties? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Raju sold goods worth of 8000/- to Surya on 1-5-2016 on credit. He drafted a bill of exchange for the same amount for 4 months.which was accepted and returned by surya.on the same day Raju got it discounted with his bank @6% on maturity the bill was honoured.pass necessary journal entries in the books of both the parties?.
Solutions for Raju sold goods worth of 8000/- to Surya on 1-5-2016 on credit. He drafted a bill of exchange for the same amount for 4 months.which was accepted and returned by surya.on the same day Raju got it discounted with his bank @6% on maturity the bill was honoured.pass necessary journal entries in the books of both the parties? in English & in Hindi are available as part of our courses for B Com.
Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free.
Here you can find the meaning of Raju sold goods worth of 8000/- to Surya on 1-5-2016 on credit. He drafted a bill of exchange for the same amount for 4 months.which was accepted and returned by surya.on the same day Raju got it discounted with his bank @6% on maturity the bill was honoured.pass necessary journal entries in the books of both the parties? defined & explained in the simplest way possible. Besides giving the explanation of
Raju sold goods worth of 8000/- to Surya on 1-5-2016 on credit. He drafted a bill of exchange for the same amount for 4 months.which was accepted and returned by surya.on the same day Raju got it discounted with his bank @6% on maturity the bill was honoured.pass necessary journal entries in the books of both the parties?, a detailed solution for Raju sold goods worth of 8000/- to Surya on 1-5-2016 on credit. He drafted a bill of exchange for the same amount for 4 months.which was accepted and returned by surya.on the same day Raju got it discounted with his bank @6% on maturity the bill was honoured.pass necessary journal entries in the books of both the parties? has been provided alongside types of Raju sold goods worth of 8000/- to Surya on 1-5-2016 on credit. He drafted a bill of exchange for the same amount for 4 months.which was accepted and returned by surya.on the same day Raju got it discounted with his bank @6% on maturity the bill was honoured.pass necessary journal entries in the books of both the parties? theory, EduRev gives you an
ample number of questions to practice Raju sold goods worth of 8000/- to Surya on 1-5-2016 on credit. He drafted a bill of exchange for the same amount for 4 months.which was accepted and returned by surya.on the same day Raju got it discounted with his bank @6% on maturity the bill was honoured.pass necessary journal entries in the books of both the parties? tests, examples and also practice B Com tests.
|
|
Explore Courses for B Com exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup