Ram purchased goods from Shyam for Rs 4,000 on 1st March 1994 , and accepted a bill of exchange for - Accountancy - Bills of Exchange

Question

Ram purchased goods from Shyam for Rs 4,000 on 1st March 1994 , and
accepted a
bill of exchange for 2 months drawn on him by Shyam on the same
date for the
amount Shyam got the bill discounted at his bank at 12% p a on due
date Ram met
the bill Pass entries in the books of Ram and Shyam

Rashi Lokwani · Accepted Answer

Dear Student, Please find the answer to your question in the following image:

Regards

Ram purchased goods from Shyam for Rs.4,000 on 1st March 1994 , and accepted a bill of exchange for 2 months drawn on him by Shyam on the same date for the amount. Shyam got the bill discounted at his bank at 12% p.a. on due date Ram met the bill. Pass entries in the books of Ram and Shyam.

Ram purchased goods from Shyam for Rs.4,000 on 1st March 1994 , and accepted a
bill of exchange for 2 months drawn on him by Shyam on the same date for the
amount. Shyam got the bill discounted at his bank at 12% p.a. on due date Ram met
the bill. Pass entries in the books of Ram and Shyam.