On 1st January 2020 Mohan sold …
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On 1st January 2020 Mohan sold goods to Naina for rupees 50000 at 18% GST. The goods are sold in the same state. The amount of GST was paid in cash and for the balance amount Mohan drew four bills of exchange on Naina of the equal amount for 1 month ,2 months ,3 months and 4 months respectively. The second bill was discounted by Mohan from his bank on 4th February 2020 @15% p.a.
The third bill was endorsed to Mr . Prashant in full and final settlement of his dues of 13000. IV bill was sent to bank for collection on 6th march. The first bill was retained by the drawer till due date. The bill was honoured in all the four cases. Pass the necessary journal entries in the books of Mohan and Naina.
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