1.

Give the Journal entries for the following:(a) B's acceptance to us for ₹ 1,000 due this day, renewed at his request for 3 months with interest 6% p.a.(b) Our bill to Chandra for ₹ 5,000 renewed for 2 months with interest 6% p.a.(c) B's acceptance of ₹ 3,000 is discharged on his paying us cash ₹ 1,000 and accepting a fresh bill for the balance with interest ₹ 100.

Answer» Give the Journal entries for the following:

(a) B's acceptance to us for ₹ 1,000 due this day, renewed at his request for 3 months with interest 6% p.a.

(b) Our bill to Chandra for ₹ 5,000 renewed for 2 months with interest 6% p.a.

(c) B's acceptance of ₹ 3,000 is discharged on his paying us cash ₹ 1,000 and accepting a fresh bill for the balance with interest ₹ 100.


Discussion

No Comment Found

Related InterviewSolutions