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Rahim, for mutual accommodation, draws a bill for 3,000 on Ratan. Rahim discounted it for 2.925. He remits 975 to Ratan. On the due date, Rahim is unable to remit his dues to Ratan to enable him to meet the bill. He, however, accepts a bill for 3,750 which Ratan discounts for 3.625. Ratan sends 175 to Rahim after discounting the above bill. Rahim becomes insolvent and a dividend of 80 paise in the rupee is received from his estate.
Pass the necessary journal entries in the books of both the parties.?
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Rahim, for mutual accommodation, draws a bill for 3,000 on Ratan. Rahi...
Journal Entries in the Books of Rahim:
- When Rahim draws a bill on Ratan for 3,000:
- Bills Receivable A/C Dr. 3,000
To Ratan A/C 3,000
- When Rahim discounts the bill for 2,925:
- Ratan A/C Dr. 2,925
To Discount Received A/C 75
To Bills Receivable A/C 3,000
- When Rahim remits 975 to Ratan:
- Ratan A/C Dr. 975
To Bank A/C 975
- When Rahim accepts a bill for 3,750 from Ratan:
- Bills Payable A/C Dr. 3,750
To Ratan A/C 3,750
- When Ratan sends 175 to Rahim:
- Bank A/C Dr. 175
To Ratan A/C 175
Journal Entries in the Books of Ratan:
- When Ratan receives 3,000 bill from Rahim:
- Rahim A/C Dr. 3,000
To Bills Payable A/C 3,000
- When Ratan discounts the bill for 2,925:
- Discount Allowed A/C Dr. 75
To Rahim A/C 75
- When Ratan remits 975 to Rahim:
- Rahim A/C Dr. 975
To Bank A/C 975
- When Ratan discounts the bill for 3,750:
- Discount Allowed A/C Dr. 125
To Rahim A/C 125
- When Ratan sends 175 to Rahim:
- Rahim A/C Dr. 175
To Bank A/C 175
The above journal entries reflect the transactions between Rahim and Ratan, including bill drawing, discounting, remittance, and acceptance. These entries are essential for maintaining accurate financial records and tracking the flow of funds between the two parties.
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Rahim, for mutual accommodation, draws a bill for 3,000 on Ratan. Rahim discounted it for 2.925. He remits 975 to Ratan. On the due date, Rahim is unable to remit his dues to Ratan to enable him to meet the bill. He, however, accepts a bill for 3,750 which Ratan discounts for 3.625. Ratan sends 175 to Rahim after discounting the above bill. Rahim becomes insolvent and a dividend of 80 paise in the rupee is received from his estate.Pass the necessary journal entries in the books of both the parties.?
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Rahim, for mutual accommodation, draws a bill for 3,000 on Ratan. Rahim discounted it for 2.925. He remits 975 to Ratan. On the due date, Rahim is unable to remit his dues to Ratan to enable him to meet the bill. He, however, accepts a bill for 3,750 which Ratan discounts for 3.625. Ratan sends 175 to Rahim after discounting the above bill. Rahim becomes insolvent and a dividend of 80 paise in the rupee is received from his estate.Pass the necessary journal entries in the books of both the parties.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Rahim, for mutual accommodation, draws a bill for 3,000 on Ratan. Rahim discounted it for 2.925. He remits 975 to Ratan. On the due date, Rahim is unable to remit his dues to Ratan to enable him to meet the bill. He, however, accepts a bill for 3,750 which Ratan discounts for 3.625. Ratan sends 175 to Rahim after discounting the above bill. Rahim becomes insolvent and a dividend of 80 paise in the rupee is received from his estate.Pass the necessary journal entries in the books of both the parties.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rahim, for mutual accommodation, draws a bill for 3,000 on Ratan. Rahim discounted it for 2.925. He remits 975 to Ratan. On the due date, Rahim is unable to remit his dues to Ratan to enable him to meet the bill. He, however, accepts a bill for 3,750 which Ratan discounts for 3.625. Ratan sends 175 to Rahim after discounting the above bill. Rahim becomes insolvent and a dividend of 80 paise in the rupee is received from his estate.Pass the necessary journal entries in the books of both the parties.?.
Solutions for Rahim, for mutual accommodation, draws a bill for 3,000 on Ratan. Rahim discounted it for 2.925. He remits 975 to Ratan. On the due date, Rahim is unable to remit his dues to Ratan to enable him to meet the bill. He, however, accepts a bill for 3,750 which Ratan discounts for 3.625. Ratan sends 175 to Rahim after discounting the above bill. Rahim becomes insolvent and a dividend of 80 paise in the rupee is received from his estate.Pass the necessary journal entries in the books of both the parties.? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of Rahim, for mutual accommodation, draws a bill for 3,000 on Ratan. Rahim discounted it for 2.925. He remits 975 to Ratan. On the due date, Rahim is unable to remit his dues to Ratan to enable him to meet the bill. He, however, accepts a bill for 3,750 which Ratan discounts for 3.625. Ratan sends 175 to Rahim after discounting the above bill. Rahim becomes insolvent and a dividend of 80 paise in the rupee is received from his estate.Pass the necessary journal entries in the books of both the parties.? defined & explained in the simplest way possible. Besides giving the explanation of Rahim, for mutual accommodation, draws a bill for 3,000 on Ratan. Rahim discounted it for 2.925. He remits 975 to Ratan. On the due date, Rahim is unable to remit his dues to Ratan to enable him to meet the bill. He, however, accepts a bill for 3,750 which Ratan discounts for 3.625. Ratan sends 175 to Rahim after discounting the above bill. Rahim becomes insolvent and a dividend of 80 paise in the rupee is received from his estate.Pass the necessary journal entries in the books of both the parties.?, a detailed solution for Rahim, for mutual accommodation, draws a bill for 3,000 on Ratan. Rahim discounted it for 2.925. He remits 975 to Ratan. On the due date, Rahim is unable to remit his dues to Ratan to enable him to meet the bill. He, however, accepts a bill for 3,750 which Ratan discounts for 3.625. Ratan sends 175 to Rahim after discounting the above bill. Rahim becomes insolvent and a dividend of 80 paise in the rupee is received from his estate.Pass the necessary journal entries in the books of both the parties.? has been provided alongside types of Rahim, for mutual accommodation, draws a bill for 3,000 on Ratan. Rahim discounted it for 2.925. He remits 975 to Ratan. On the due date, Rahim is unable to remit his dues to Ratan to enable him to meet the bill. He, however, accepts a bill for 3,750 which Ratan discounts for 3.625. Ratan sends 175 to Rahim after discounting the above bill. Rahim becomes insolvent and a dividend of 80 paise in the rupee is received from his estate.Pass the necessary journal entries in the books of both the parties.? theory, EduRev gives you an ample number of questions to practice Rahim, for mutual accommodation, draws a bill for 3,000 on Ratan. Rahim discounted it for 2.925. He remits 975 to Ratan. On the due date, Rahim is unable to remit his dues to Ratan to enable him to meet the bill. He, however, accepts a bill for 3,750 which Ratan discounts for 3.625. Ratan sends 175 to Rahim after discounting the above bill. Rahim becomes insolvent and a dividend of 80 paise in the rupee is received from his estate.Pass the necessary journal entries in the books of both the parties.? tests, examples and also practice UPSC tests.
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