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McClure-Mcclure McClure-Mcclure Jan 19, 2021

04.Ravi sold goods to Ram on 19 July 20 for Rs. 25000 and received 5000 immediately. Forbalance amount Ram accepted a bill for 3 months. Ravi sent the bill for collection tokamal on 25 sep. On maturity date, Ram paid his liability.Prepare the Journal entries in the books of Ram and Ravi.(6)​

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Answer:

In books of Ravi

19 july

Ram. dr. 25000

To sales account. 25000

Cash account. dr 5000

Bills receivable. dr 20000

To Ram. 25000

25 Sept.

Bill sent for collection. dr 20000

To Bills receivable. 20000

22 Oct.

Bank account. dr 20000

To bill sent for collection. 20000

In books of Ram

29 july

Purchase account dr. 25000

To Ravi. 25000

Ravi. dr. 25000

To cash account. 5000

To bills payable. 20000

22 0ct.

Bills payable. dr 20000

To bank account. 20000

247
Deziri Deziri
Jan 19, 2021
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