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Nandu sold goods to Basu for Rs. 4,000 and Basu accepted a billBrawn by Nandu amounted to Rs. 4,000 on 1st January 2019 andpayable after four months. Nandu discounted it with banker @ 18%per annum. On the due date bill was dishonoured. Bank paid Rs.40 as noting charges. After one month Basu paid the amount due toNandu. Pass the journal entries in the books of Nandu. |
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Answer» To sales A/c. 4000 BILL Reciavable A/c Dr. 4000 To Basu A/c. 4000 Bank A/c. Dr. 3760 Discount A/c Dr 240 To Bill Reciavable A/c. 4000 (4000×18/100×4/12) Basu A/c. Dr. 4040 To Bank A/c. 4040 |
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