Bills of exchange
Dear Student,
In The Books of Jimmi : Journal
In the Books of John
Regards
In The Books of Jimmi : Journal
| Date | Particulars | L.f | Debit | Credit |
| 2019 Feb 1 | John A/c Dr. | 25,000 | ||
| To Sales | 25,000 | |||
| (Being good sold.) | ||||
| Feb 1 | Bank A/c Dr. | 5,000 | ||
| Bills Receivable a/c Dr. | 20,000 | |||
| To John a/c | 25,000 | |||
| (Being partial payment received and bills drawn.) | ||||
| Mar 10 | Bills sent for collection | 20,000 | ||
| To Bills Receivable a/c | 20,000 | |||
| (Being BOE sent for collection.) | ||||
| Mar 15 | Bank A/c Dr. | 20,000 | ||
| To Bills sent for collection | 20,000 | |||
| (Being payment received.) |
| LEDGER |
| John's A/c |
| Date | Particulars | Rs. | Date | Particulars | Rs. |
| 2019 Feb 01 | Sales | 25,000 | 2019 Feb 01 | Bank | 5000 |
| Feb 01 | Bills Receivable | 20,000 | |||
| 25,000 | 25,000 |
In the Books of John
| Date | Particulars | L.f | Debit | Credit |
| 2019 Feb 1 | Purchases A/c Dr. | 25,000 | ||
| To Jimmi | 25,000 | |||
| (Being goods purchased.) | ||||
| Feb 1 | Jimmi A/c Dr. | 25,000 | ||
| To Bank A/c | 5,000 | |||
| To Bills Payable a/c | 20,000 | |||
| (Being partial payment made and bills accepted.) | ||||
| Mar 15 | Bills Payable A/c Dr. | 20,000 | ||
| To Bank | 20,000 | |||
| (Being payment made.) | ||||
| LEDGER |
| Jimmi's A/c |
| Date | Particulars | Rs. | Date | Particulars | Rs. |
| 2019 Feb 1 | Bank | 5,000 | 2019 Feb 01 | Purchases | 25,000 |
| Feb 1 | Bills Payable | 20,000 | |||
| 25,000 | 25,000 |
Regards