Question:
On 1st December, 2023 Z purchased goods from R for Rs. 35,000 and accepted a bill for two months. The bill was met on due date. Pass journal entries for the above transactions in the books of Z.
On 1st December, 2023 Z purchased goods from R for Rs. 35,000 and accepted a bill for two months. The bill was met on due date. Pass journal entries for the above transactions in the books of Z.
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Bills payable are treated as liabilities in the books of the acceptor and must be settled on the maturity date to avoid dishonor.
Updated On: Dec 18, 2024
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Solution and Explanation
The following journal entries will be recorded in the books of Z:
| \(Date\) | Particulars | Debit (Rs.) | Credit (Rs.) |
|---|---|---|---|
| 1st Dec 2023 | Purchases A/c Dr. To R’s A/c (Being goods purchased on credit) | 35,000 | 35,000 |
| 1st Dec 2023 | R’s A/c Dr. To Bills Payable A/c (Being bill accepted by Z) | 35,000 | 35,000 |
| 1st Feb 2024 | Bills Payable A/c Dr. To Cash/Bank A/c (Being bill met on maturity date) | 35,000 | 35,000 |
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