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On Jan 01, 2018 Raman sold goods ₹ 50,000 to Rahul. Half of the payment was made immediately and for the remaining half Raman drew a billof exchange upon Rahul payable after 30 days. Rahul accepted the bill and returned it to Raman. On the due date Raman Presented the bill to Reddy and received the payment. Journalize the above transactions in the books of Raman and in the books of Rahu?
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On Jan 01, 2018 Raman sold goods ₹ 50,000 to Rahul. Half of the paymen...
**Journal Entries in the Books of Raman:**
1. On Jan 01, 2018, Raman sold goods worth ₹50,000 to Rahul:
- Accounts Receivable (Rahul) ₹50,000
Sales ₹50,000
2. Half of the payment was made immediately:
- Cash ₹25,000
Accounts Receivable (Rahul) ₹25,000
3. For the remaining half, Raman drew a bill of exchange upon Rahul payable after 30 days:
- Bills Receivable (Rahul) ₹25,000
Accounts Receivable (Rahul) ₹25,000
4. Rahul accepted the bill and returned it to Raman:
- Bills Payable (Rahul) ₹25,000
Bills Receivable (Rahul) ₹25,000
5. On the due date, Raman presented the bill to Reddy and received the payment:
- Cash ₹25,000
Bills Receivable (Rahul) ₹25,000
**Journal Entries in the Books of Rahul:**
1. On Jan 01, 2018, Rahul purchased goods worth ₹50,000 from Raman:
- Purchases ₹50,000
Accounts Payable (Raman) ₹50,000
2. Half of the payment was made immediately:
- Accounts Payable (Raman) ₹25,000
Cash ₹25,000
3. Rahul accepted the bill drawn by Raman for the remaining half:
- Bills Payable (Raman) ₹25,000
Accounts Payable (Raman) ₹25,000
4. On the due date, Rahul paid the bill to Raman:
- Bills Payable (Raman) ₹25,000
Cash ₹25,000
**Explanation:**
1. Raman sold goods worth ₹50,000 to Rahul, which is recorded as an increase in Accounts Receivable and Sales for Raman.
2. Half of the payment, ₹25,000, was made immediately by Rahul. This is recorded as a decrease in Accounts Receivable and an increase in Cash for Raman.
3. For the remaining half of the payment, Raman drew a bill of exchange upon Rahul payable after 30 days. A bill receivable is created for Raman, and the corresponding amount is recorded as an increase in Accounts Receivable for Rahul.
4. Rahul accepted the bill and returned it to Raman. This is recorded as a decrease in Bills Receivable for Rahul and an increase in Bills Payable for Raman.
5. On the due date, Raman presented the bill to Reddy and received the payment of ₹25,000. This is recorded as an increase in Cash for Raman and a decrease in Bills Receivable for Rahul.
In the books of Rahul, the purchase of goods is recorded as an increase in Purchases and an increase in Accounts Payable for Raman. The payment made immediately is recorded as a decrease in Accounts Payable and an increase in Cash. The acceptance of the bill is recorded as a decrease in Accounts Payable and an increase in Bills Payable. Finally, the payment of the bill is recorded as a decrease in Bills Payable and a decrease in Cash
1. On Jan 01, 2018, Raman sold goods worth ₹50,000 to Rahul:
- Accounts Receivable (Rahul) ₹50,000
Sales ₹50,000
2. Half of the payment was made immediately:
- Cash ₹25,000
Accounts Receivable (Rahul) ₹25,000
3. For the remaining half, Raman drew a bill of exchange upon Rahul payable after 30 days:
- Bills Receivable (Rahul) ₹25,000
Accounts Receivable (Rahul) ₹25,000
4. Rahul accepted the bill and returned it to Raman:
- Bills Payable (Rahul) ₹25,000
Bills Receivable (Rahul) ₹25,000
5. On the due date, Raman presented the bill to Reddy and received the payment:
- Cash ₹25,000
Bills Receivable (Rahul) ₹25,000
**Journal Entries in the Books of Rahul:**
1. On Jan 01, 2018, Rahul purchased goods worth ₹50,000 from Raman:
- Purchases ₹50,000
Accounts Payable (Raman) ₹50,000
2. Half of the payment was made immediately:
- Accounts Payable (Raman) ₹25,000
Cash ₹25,000
3. Rahul accepted the bill drawn by Raman for the remaining half:
- Bills Payable (Raman) ₹25,000
Accounts Payable (Raman) ₹25,000
4. On the due date, Rahul paid the bill to Raman:
- Bills Payable (Raman) ₹25,000
Cash ₹25,000
**Explanation:**
1. Raman sold goods worth ₹50,000 to Rahul, which is recorded as an increase in Accounts Receivable and Sales for Raman.
2. Half of the payment, ₹25,000, was made immediately by Rahul. This is recorded as a decrease in Accounts Receivable and an increase in Cash for Raman.
3. For the remaining half of the payment, Raman drew a bill of exchange upon Rahul payable after 30 days. A bill receivable is created for Raman, and the corresponding amount is recorded as an increase in Accounts Receivable for Rahul.
4. Rahul accepted the bill and returned it to Raman. This is recorded as a decrease in Bills Receivable for Rahul and an increase in Bills Payable for Raman.
5. On the due date, Raman presented the bill to Reddy and received the payment of ₹25,000. This is recorded as an increase in Cash for Raman and a decrease in Bills Receivable for Rahul.
In the books of Rahul, the purchase of goods is recorded as an increase in Purchases and an increase in Accounts Payable for Raman. The payment made immediately is recorded as a decrease in Accounts Payable and an increase in Cash. The acceptance of the bill is recorded as a decrease in Accounts Payable and an increase in Bills Payable. Finally, the payment of the bill is recorded as a decrease in Bills Payable and a decrease in Cash
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On Jan 01, 2018 Raman sold goods ₹ 50,000 to Rahul. Half of the payment was made immediately and for the remaining half Raman drew a billof exchange upon Rahul payable after 30 days. Rahul accepted the bill and returned it to Raman. On the due date Raman Presented the bill to Reddy and received the payment. Journalize the above transactions in the books of Raman and in the books of Rahu?
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On Jan 01, 2018 Raman sold goods ₹ 50,000 to Rahul. Half of the payment was made immediately and for the remaining half Raman drew a billof exchange upon Rahul payable after 30 days. Rahul accepted the bill and returned it to Raman. On the due date Raman Presented the bill to Reddy and received the payment. Journalize the above transactions in the books of Raman and in the books of Rahu? 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 On Jan 01, 2018 Raman sold goods ₹ 50,000 to Rahul. Half of the payment was made immediately and for the remaining half Raman drew a billof exchange upon Rahul payable after 30 days. Rahul accepted the bill and returned it to Raman. On the due date Raman Presented the bill to Reddy and received the payment. Journalize the above transactions in the books of Raman and in the books of Rahu? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On Jan 01, 2018 Raman sold goods ₹ 50,000 to Rahul. Half of the payment was made immediately and for the remaining half Raman drew a billof exchange upon Rahul payable after 30 days. Rahul accepted the bill and returned it to Raman. On the due date Raman Presented the bill to Reddy and received the payment. Journalize the above transactions in the books of Raman and in the books of Rahu?.
On Jan 01, 2018 Raman sold goods ₹ 50,000 to Rahul. Half of the payment was made immediately and for the remaining half Raman drew a billof exchange upon Rahul payable after 30 days. Rahul accepted the bill and returned it to Raman. On the due date Raman Presented the bill to Reddy and received the payment. Journalize the above transactions in the books of Raman and in the books of Rahu? 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 On Jan 01, 2018 Raman sold goods ₹ 50,000 to Rahul. Half of the payment was made immediately and for the remaining half Raman drew a billof exchange upon Rahul payable after 30 days. Rahul accepted the bill and returned it to Raman. On the due date Raman Presented the bill to Reddy and received the payment. Journalize the above transactions in the books of Raman and in the books of Rahu? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On Jan 01, 2018 Raman sold goods ₹ 50,000 to Rahul. Half of the payment was made immediately and for the remaining half Raman drew a billof exchange upon Rahul payable after 30 days. Rahul accepted the bill and returned it to Raman. On the due date Raman Presented the bill to Reddy and received the payment. Journalize the above transactions in the books of Raman and in the books of Rahu?.
Solutions for On Jan 01, 2018 Raman sold goods ₹ 50,000 to Rahul. Half of the payment was made immediately and for the remaining half Raman drew a billof exchange upon Rahul payable after 30 days. Rahul accepted the bill and returned it to Raman. On the due date Raman Presented the bill to Reddy and received the payment. Journalize the above transactions in the books of Raman and in the books of Rahu? in English & in Hindi are available as part of our courses for Class 11.
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On Jan 01, 2018 Raman sold goods ₹ 50,000 to Rahul. Half of the payment was made immediately and for the remaining half Raman drew a billof exchange upon Rahul payable after 30 days. Rahul accepted the bill and returned it to Raman. On the due date Raman Presented the bill to Reddy and received the payment. Journalize the above transactions in the books of Raman and in the books of Rahu?, a detailed solution for On Jan 01, 2018 Raman sold goods ₹ 50,000 to Rahul. Half of the payment was made immediately and for the remaining half Raman drew a billof exchange upon Rahul payable after 30 days. Rahul accepted the bill and returned it to Raman. On the due date Raman Presented the bill to Reddy and received the payment. Journalize the above transactions in the books of Raman and in the books of Rahu? has been provided alongside types of On Jan 01, 2018 Raman sold goods ₹ 50,000 to Rahul. Half of the payment was made immediately and for the remaining half Raman drew a billof exchange upon Rahul payable after 30 days. Rahul accepted the bill and returned it to Raman. On the due date Raman Presented the bill to Reddy and received the payment. Journalize the above transactions in the books of Raman and in the books of Rahu? theory, EduRev gives you an
ample number of questions to practice On Jan 01, 2018 Raman sold goods ₹ 50,000 to Rahul. Half of the payment was made immediately and for the remaining half Raman drew a billof exchange upon Rahul payable after 30 days. Rahul accepted the bill and returned it to Raman. On the due date Raman Presented the bill to Reddy and received the payment. Journalize the above transactions in the books of Raman and in the books of Rahu? tests, examples and also practice Class 11 tests.
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