On 1st January, 2019, X sold goods to Y for ₹ 25,000 and immediately received from Y ₹ 10,000 by cheque and drew a bill on Y at three months for the balance amount. Bill is accepted by Y. Bill was dishonoured on the due date and Y paid ₹ 150 as noting charges. Ten days later, Y pays the due amount to X. Pass the Journal entries in the books of both the parties.

On 1st January, 2019, X sold goods to Y for ₹ 25,000 and immediately

1.	On 1st January, 2019, X sold goods to Y for ₹ 25,000 and immediately received from Y ₹ 10,000 by cheque and drew a bill on Y at three months for the balance amount. Bill is accepted by Y. Bill was dishonoured on the due date and Y paid ₹ 150 as noting charges. Ten days later, Y pays the due amount to X. Pass the Journal entries in the books of both the parties.
Answer» On 1st January, 2019, X sold goods to Y for ₹ 25,000 and immediately received from Y ₹ 10,000 by cheque and drew a bill on Y at three months for the balance amount. Bill is accepted by Y. Bill was dishonoured on the due date and Y paid ₹ 150 as noting charges. Ten days later, Y pays the due amount to X. Pass the Journal entries in the books of both the parties.