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On 1st January, 2016 A sold goods for Rs. 60,000 to S. 50% of the payment was made immediately by S on which A allowed a cash discount of 2%. For the balance, S drew a promissory note in favour of A payable after 20 days. Since, the date of maturity of bill was a public holiday, A presented the bill on a day, as per the provisions of Negotiable Instrument Act which was met by S. State the date on which the bill was presented by A for payment and journalise the above transactions in the books of A. |
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Answer» On 1st January, 2016 A sold goods for Rs. 60,000 to S. 50% of the payment was made immediately by S on which A allowed a cash discount of 2%. For the balance, S drew a promissory note in favour of A payable after 20 days. Since, the date of maturity of bill was a public holiday, A presented the bill on a day, as per the provisions of Negotiable Instrument Act which was met by S. State the date on which the bill was presented by A for payment and journalise the above transactions in the books of A. |
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