1.

Syam sold goods to Anil on credit for Rs. 3,000, on 10th April 2003. He drew a bill on Anil for the amount at 3 months after date. Anil accepted the same and returned it to syam. At maturity, he met his obligation. Pass journal entries in the books of both parties.

Answer»

Book of Syam (Drawer) Journal.

DateParticularsLFDebitCredit
10.4.08Anil A/c     Dr
  To sales A/c
[sold goods to Anil]		3000

 		3000
10.4.08Bill Receivable A/c   Dr
   To Anil A/c
[Acceptance received]		3000
 
3000
13.7.08Cash/Bank A/c      Dr
  To Bill Receivable A/c
[Amount received on due date]		3000
 		3000

Book of Anil [Drawee] journal.

DateParticularsLFDebitCredit
10.4.08Purchase A/c  Dr
  To Syam A/c
[Credit purchase made]		3000

 		3000
10.4.08Syam A/c   Dr
  To Bill payable  A/c
[Acceptance given]		3000
 
3000
13.7.08Bill payable A/c    Dr
  To Cash/Bank A/c
[Payment of bill on the due date]		3000
 		3000


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