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InterviewSolution
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On 1st January, 2106 X sold goods to Y for Rs. 20,000 less 2% cash discount. Y paid 50% price immediately and X drew a bill on Y for two months for the balance. This bill is duly accepted by Y. The bill was dishonoured on the due date and X paid Rs. 100 as nothing charges. Y paid the amount due to X by cheque after ten days. Pass entries in the books of both the parties. |
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Answer» On 1st January, 2106 X sold goods to Y for Rs. 20,000 less 2% cash discount. Y paid 50% price immediately and X drew a bill on Y for two months for the balance. This bill is duly accepted by Y. The bill was dishonoured on the due date and X paid Rs. 100 as nothing charges. Y paid the amount due to X by cheque after ten days. Pass entries in the books of both the parties. |
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