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X sells goods for ₹40,000 to …

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X sells goods for ₹40,000 to Y on 1st january ,2019 . On this date ,he accepted a draft for the amount for 3 month for the amount .Y accepts it returns it to X,who discounted it on 4th january ,2019 with his bank at 6% p.a.The acceptance is dishonoured on the due date and the noting charges were paid by bank being ₹200 On 4th april, 2019 , Y accepts a new bill at three months for the amount then due to X together with interest at 12% p.a. Make journal entries to record these transactions in the books of X and Y

Posted by Sheela Devi 5 years, 10 months ago

CBSE > Class 11 > Accountancy

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Arsh Nizam 3 years, 10 months ago

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