On 1 st January, 2023, X sold goods to Y for Rs. 50,000. On the same date X drew a bill on Y for Rs. 50,000 due after three months. Y accepted the bill and returned it to X. X retained the bill till the due date, and Y met the bill on due date. Pass journal entries for the above transactions in the books of X.

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The following journal entries will be recorded in the books of X: $Date$ Particulars Debit (Rs.) Credit (Rs.) 1 st Jan 2023 Y’s A/c Dr. To Sales A/c (Being goods sold to Y on credit) 50,000 50,000 1 st Jan 2023 Bills Receivable A/c Dr. To Y’s A/c  (Being bill accepted by Y and retained by X) 50,000 50,000 1 st April 2023 Cash/Bank A/c Dr. To Bills Receivable A/c  (Being bill honored by Y on maturity date) 50,000 50,000

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\(Date\)	Particulars	Debit (Rs.)	Credit (Rs.)
1^st Jan 2023	Y’s A/c Dr. To Sales A/c (Being goods sold to Y on credit)	50,000	50,000
1^st Jan 2023	Bills Receivable A/c Dr. To Y’s A/c (Being bill accepted by Y and retained by X)	50,000	50,000
1^st April 2023	Cash/Bank A/c Dr. To Bills Receivable A/c (Being bill honored by Y on maturity date)	50,000	50,000