Vinod Sold goods to Mr Kumar worth Rs 2,000 and drew a bill of exchange on Mr Kumar - Accountancy - Bills of Exchange

Question

Vinod Sold goods to Mr Kumar worth Rs 2,000 and drew a bill of
exchange on Mr
Kumar Vinod Retained the bill with him till maturity On the due
date, the bill was
honored Pass necessary journal entries in the books of Vinod and Mr
Kumar

solve this and pls do not send any links

Neha Arora · Accepted Answer

Dear Student,

Journal
In the Books of
Vinod (Drawer)

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

Kumar’s
A/c
Dr

2,000

To Sales
A/c

2,000

(Goods sold on credit to
Kumar)

Bills Receivable
A/c
Dr

2,000

To Kumar’s
A/c

2,000

(Bill received from
Kumar)

Cash
A/c
Dr

2,000

To Bills Receivable
A/c

2,000

(Cash received on maturity against
bill)

Journal
In the Books of
Kumar (Drawee)

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

Purchases
A/c
Dr

2,000

To Vinod’s
A/c

2,000

(Goods purchased on credit from
Vinod)

Vinod’s
A/c
Dr

2,000

To Bills Payable
A/c

2,000

(Bill sent to
Vinod)

Bills Payable
A/c
Dr

2,000

To Cash
A/c

2,000

(Cash paid on maturity against
bill)

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

	Kumar’s A/c	Dr.		2,000
	To Sales A/c				2,000
	(Goods sold on credit to Kumar)

	Bills Receivable A/c	Dr.		2,000
	To Kumar’s A/c				2,000
	(Bill received from Kumar)

	Cash A/c	Dr.		2,000
	To Bills Receivable A/c				2,000
	(Cash received on maturity against bill)

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

	Purchases A/c	Dr.		2,000
	To Vinod’s A/c				2,000
	(Goods purchased on credit from Vinod)

	Vinod’s A/c	Dr.		2,000
	To Bills Payable A/c				2,000
	(Bill sent to Vinod)

	Bills Payable A/c	Dr.		2,000
	To Cash A/c				2,000
	(Cash paid on maturity against bill)

Vinod Sold goods to Mr. Kumar worth Rs.2,000 and drew a bill of exchange on Mr. Kumar. Vinod Retained the bill with him till maturity. On the due date, the bill was honored. Pass necessary journal entries in the books of Vinod and Mr. Kumar. solve this and pls do not send any links

Vinod Sold goods to Mr. Kumar worth Rs.2,000 and drew a bill of exchange on Mr.
Kumar. Vinod Retained the bill with him till maturity. On the due date, the bill was
honored. Pass necessary journal entries in the books of Vinod and Mr. Kumar.

solve this and pls do not send any links