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Aman sold goods to Vimal for `2,00,000 on 15th March,2020. On the same day, Vimal accepted a bill drawn upon him by Aman at four months for `2,00,000. Aman discounted the bill on 15th April,2019 at 18% p.a. at his bank and Vimal met the bill on maturity. Pass Journal entries in the books of both the parties?
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Aman sold goods to Vimal for `2,00,000 on 15th March,2020. On the same...
Journal Entries in the Books of Aman:
1. On 15th March, 2020:
Aman should record the sale of goods to Vimal on credit.
Journal Entry:
Date: 15th March, 2020
Particulars: Debit: Vimal's Account (Debtor)
Amount: `2,00,000
Particulars: Credit: Sales Account
Amount: `2,00,000
2. On 15th April, 2020:
Aman should record the discounting of the bill at his bank.
Journal Entry:
Date: 15th April, 2020
Particulars: Debit: Bank Account
Amount: Discounted amount
Particulars: Credit: Bills Receivable Account
Amount: Face value of the bill
Particulars: Credit: Discount Account
Amount: Discounted amount - Face value of the bill
Journal Entries in the Books of Vimal:
3. On 15th March, 2020:
Vimal should record the purchase of goods from Aman on credit.
Journal Entry:
Date: 15th March, 2020
Particulars: Debit: Purchases Account
Amount: `2,00,000
Particulars: Credit: Aman's Account (Creditor)
Amount: `2,00,000
4. On the due date of the bill:
Vimal should record the payment made to Aman to settle the bill.
Journal Entry:
Date: Due date of the bill
Particulars: Debit: Aman's Account (Creditor)
Amount: Face value of the bill
Particulars: Credit: Bank Account
Amount: Face value of the bill
Explanation:
- Aman sold goods to Vimal on credit for `2,00,000 on 15th March, 2020.
- Aman drew a bill of exchange on Vimal at four months for `2,00,000 on the same day.
- Aman discounted the bill at his bank on 15th April, 2020 at 18% p.a.
- Vimal met the bill on maturity, i.e., on the due date.
- The above journal entries capture the transactions in the books of both Aman and Vimal.
- In Aman's books, the sale of goods is recorded on 15th March, 2020, and the discounting of the bill is recorded on 15th April, 2020.
- In Vimal's books, the purchase of goods is recorded on 15th March, 2020, and the payment to settle the bill is recorded on the due date.
- These entries ensure that the financial transactions related to the sale, discounting, and settlement of
1. On 15th March, 2020:
Aman should record the sale of goods to Vimal on credit.
Journal Entry:
Date: 15th March, 2020
Particulars: Debit: Vimal's Account (Debtor)
Amount: `2,00,000
Particulars: Credit: Sales Account
Amount: `2,00,000
2. On 15th April, 2020:
Aman should record the discounting of the bill at his bank.
Journal Entry:
Date: 15th April, 2020
Particulars: Debit: Bank Account
Amount: Discounted amount
Particulars: Credit: Bills Receivable Account
Amount: Face value of the bill
Particulars: Credit: Discount Account
Amount: Discounted amount - Face value of the bill
Journal Entries in the Books of Vimal:
3. On 15th March, 2020:
Vimal should record the purchase of goods from Aman on credit.
Journal Entry:
Date: 15th March, 2020
Particulars: Debit: Purchases Account
Amount: `2,00,000
Particulars: Credit: Aman's Account (Creditor)
Amount: `2,00,000
4. On the due date of the bill:
Vimal should record the payment made to Aman to settle the bill.
Journal Entry:
Date: Due date of the bill
Particulars: Debit: Aman's Account (Creditor)
Amount: Face value of the bill
Particulars: Credit: Bank Account
Amount: Face value of the bill
Explanation:
- Aman sold goods to Vimal on credit for `2,00,000 on 15th March, 2020.
- Aman drew a bill of exchange on Vimal at four months for `2,00,000 on the same day.
- Aman discounted the bill at his bank on 15th April, 2020 at 18% p.a.
- Vimal met the bill on maturity, i.e., on the due date.
- The above journal entries capture the transactions in the books of both Aman and Vimal.
- In Aman's books, the sale of goods is recorded on 15th March, 2020, and the discounting of the bill is recorded on 15th April, 2020.
- In Vimal's books, the purchase of goods is recorded on 15th March, 2020, and the payment to settle the bill is recorded on the due date.
- These entries ensure that the financial transactions related to the sale, discounting, and settlement of
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Aman sold goods to Vimal for `2,00,000 on 15th March,2020. On the same day, Vimal accepted a bill drawn upon him by Aman at four months for `2,00,000. Aman discounted the bill on 15th April,2019 at 18% p.a. at his bank and Vimal met the bill on maturity. Pass Journal entries in the books of both the parties?
Question Description
Aman sold goods to Vimal for `2,00,000 on 15th March,2020. On the same day, Vimal accepted a bill drawn upon him by Aman at four months for `2,00,000. Aman discounted the bill on 15th April,2019 at 18% p.a. at his bank and Vimal met the bill on maturity. Pass Journal entries in the books of both the parties? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Aman sold goods to Vimal for `2,00,000 on 15th March,2020. On the same day, Vimal accepted a bill drawn upon him by Aman at four months for `2,00,000. Aman discounted the bill on 15th April,2019 at 18% p.a. at his bank and Vimal met the bill on maturity. Pass Journal entries in the books of both the parties? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Aman sold goods to Vimal for `2,00,000 on 15th March,2020. On the same day, Vimal accepted a bill drawn upon him by Aman at four months for `2,00,000. Aman discounted the bill on 15th April,2019 at 18% p.a. at his bank and Vimal met the bill on maturity. Pass Journal entries in the books of both the parties?.
Aman sold goods to Vimal for `2,00,000 on 15th March,2020. On the same day, Vimal accepted a bill drawn upon him by Aman at four months for `2,00,000. Aman discounted the bill on 15th April,2019 at 18% p.a. at his bank and Vimal met the bill on maturity. Pass Journal entries in the books of both the parties? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Aman sold goods to Vimal for `2,00,000 on 15th March,2020. On the same day, Vimal accepted a bill drawn upon him by Aman at four months for `2,00,000. Aman discounted the bill on 15th April,2019 at 18% p.a. at his bank and Vimal met the bill on maturity. Pass Journal entries in the books of both the parties? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Aman sold goods to Vimal for `2,00,000 on 15th March,2020. On the same day, Vimal accepted a bill drawn upon him by Aman at four months for `2,00,000. Aman discounted the bill on 15th April,2019 at 18% p.a. at his bank and Vimal met the bill on maturity. Pass Journal entries in the books of both the parties?.
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Aman sold goods to Vimal for `2,00,000 on 15th March,2020. On the same day, Vimal accepted a bill drawn upon him by Aman at four months for `2,00,000. Aman discounted the bill on 15th April,2019 at 18% p.a. at his bank and Vimal met the bill on maturity. Pass Journal entries in the books of both the parties?, a detailed solution for Aman sold goods to Vimal for `2,00,000 on 15th March,2020. On the same day, Vimal accepted a bill drawn upon him by Aman at four months for `2,00,000. Aman discounted the bill on 15th April,2019 at 18% p.a. at his bank and Vimal met the bill on maturity. Pass Journal entries in the books of both the parties? has been provided alongside types of Aman sold goods to Vimal for `2,00,000 on 15th March,2020. On the same day, Vimal accepted a bill drawn upon him by Aman at four months for `2,00,000. Aman discounted the bill on 15th April,2019 at 18% p.a. at his bank and Vimal met the bill on maturity. Pass Journal entries in the books of both the parties? theory, EduRev gives you an
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