Sudershan sold goods to Rajan for rs 2000 Rajan accepts two bills of rs 1000 each for three - Accountancy - Bills of Exchange

Question

Sudershan sold goods to Rajan for rs 2000 Rajan accepts two
bills of rs 1000 each for three months Sudhershanendored one bill
to rakesh On the due date both bills are met Pass the entries for
both

Manisha Arora · Accepted Answer

Hi Katya, the solution
to your query is here

Journal
In the Books of Sudarshan

Date
Particulars
L
F
Debit
Amount
(Rs)
Credit
Amount
(Rs)

Rajan
Dr

2,000

To Sales
A/c

2,000

(Goods sold on
credit)

Bills Receivable (1)
A/c
Dr

1,000

Bills Receivable (2)
A/c
Dr

1,000

To
Rajan

2,000

(Bill drawn and
accepted)

Rakesh
Dr

1,000

To Bills Receivable
A/c

1,000

(Bill endorsed to
Rakesh)

Cash/Bank
A/c
Dr

1,000

To Bills Receivable (1)
A/c

1,000

(Bill honoured on due
date)

Journal
In the Books of Rajan

Date
Particulars
L
F
Debit
Amount
(Rs)
Credit
Amount
(Rs)

Purchases
A/c
Dr

2,000

To
Sudarshan

2,000

(Goods purchased on
credit)

Sudarshan
Dr

2,000

To Bills Payable (1)
A/c

1,000

To Bills Payable (2)
A/c

1,000

(Bills
accepted)

Bills Payable (1)
A/c
Dr

1,000

Bills Payable (2)
A/c
Dr

1,000

To Cash/Bank
A/c

2,000

(Bills honoured on due
date)

Journal In the Books of Sudarshan
Date	Particulars		L.F.	Debit Amount (Rs)	Credit Amount (Rs)

	Rajan	Dr.		2,000
	To Sales A/c				2,000
	(Goods sold on credit)

	Bills Receivable (1) A/c	Dr.		1,000
	Bills Receivable (2) A/c	Dr.		1,000
	To Rajan				2,000
	(Bill drawn and accepted)

	Rakesh	Dr.		1,000
	To Bills Receivable A/c				1,000
	(Bill endorsed to Rakesh)

	Cash/Bank A/c	Dr.		1,000
	To Bills Receivable (1) A/c				1,000
	(Bill honoured on due date)

Journal In the Books of Rajan
Date	Particulars		L.F.	Debit Amount (Rs)	Credit Amount (Rs)

	Purchases A/c	Dr.		2,000
	To Sudarshan				2,000
	(Goods purchased on credit)

	Sudarshan	Dr.		2,000
	To Bills Payable (1) A/c				1,000
	To Bills Payable (2) A/c				1,000
	(Bills accepted)

	Bills Payable (1) A/c	Dr.		1,000
	Bills Payable (2) A/c	Dr.		1,000
	To Cash/Bank A/c				2,000
	(Bills honoured on due date)

Sudershan sold goods to Rajan for rs.2000 . Rajan accepts two bills of rs.1000 each for three months . Sudhershanendored one bill to rakesh. On the due date both bills are met . Pass the entries for both