The Total solution for NCERT class 6-12
Journal Entries in the Books of Arun
Date
Particulars
L.F.
Debit
Amount
₹
Credit
2016
01 Jan
Sunil
Dr.
30,000
To Sales A/c
(Goods traded to Sunil)
Cash A/c
14,700
Discount Allowed A/c
300
To Sunil
15,000
(50% due from Sunil received and
2% Cash Discount allowed to Sunil)
Bills Receivable A/c
(Promissory note established for 20 days from Sunil)
23 Jan
To Bills Receivable A/c
(Cash received from Sunil before
Maturity)
Journal Entries in the Book of Sunil
Debit ₹
Credit₹
Purchases A/c
To Arun
(Goods purchased from Arun)
Arun
To Cash A/c
To Discount Received A/c
(50% amount due to Arun paid by cheque and 2% discount allowed by Arun)
To Bills Payable A/c
(Promissory note issued in favour of Arun for twenty days)
Bills Payable A/c
(Promissory note fullfilled one day before the maturity day)