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On 1st January , 2019 X sold goods of ₹ 20,000 to Y and drew a bill on Y at months of the amount. Y accepted the bill. The bill is met on maturity. Pass the necessary Journal entries in the books of X and Y , if X dicounted the bill @ 12% p.a. from bank on 4th January

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The correct Answer is:
Discounting Charges= ₹ 600.
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TS GREWAL-ACCOUNTING FOR BILLS OF EXCHANGE-Practical Problems
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  5. A sells goods of ₹ 10,000 on 1st March, 2019 to B on credit. B accepts...

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  6. A drew a bill of ₹ 1,000 on B of 3 months which was duly accepted by...

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  7. A owed B ₹ 8,000 . He gave a bill for the same on 1st August , 2018 pa...

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  8. A sold goods to B for ₹ 20,000 plus CGST and SGST @ 9% each on credit ...

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  9. Mohan singh draws a bill on Jagat for ₹ 1,000 payable 2 month s after...

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  10. X draws on Y a bill for ₹ 4,000 which was duly accepted by Y,Y meets t...

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  11. Ram draws a bill ₹ 2,000 on Shyam on 15th September , 2018 for 3 mont...

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  12. On 20th Marchm 2019, Naresh sold goods, to Kailash to the value of ₹ 1...

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  13. On 1st march , 2019 Naresh sold goods to Y for ₹ 25,000 and immediatel...

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  14. On 1st , 2019 A drew a bill for ₹ 5,000 on B payable after 3 month...

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  15. On 15th June , 2019 Mohan sold goods to Sohan valued at ₹ 2,000. He dr...

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  16. On 1st March , 2019 R accepted a Bill of Exchange of ₹ 20,000 from S ...

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  17. On 1st January , 2019 A drew a bill on B for ₹ 10,000 payable after 3...

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  18. Y owes X ₹ 4,000 on 1st January 2019 Y accepts a 3 months bill for ₹ 3...

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  19. On 1st January , 2019 A draws a bill in B for ₹ 1,000 payable after 3 ...

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  20. A bill for ₹ 1,000 is drawn by A and B and accepted by the latter paya...

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