returned it to Amit. On March 04, 2015 Babli retired her acceptance under

returned it to Amit. On March , Babli retired her acceptance under rebate of % per annum. In the books of Amit Babli’s A/c To Sales A/c (Sold goods to Babli) Bills Receivable A/c To Babli’s A/c (Received Babli’s acceptance for three months) Mar. , Rebate on bills A/c (Babli retired her acceptance and rebate allowed to him) The recorded entries will be posted to the following ledger acounts Babli’s Account Cr. J. F. J.F. Sales Jan Bills Receivable Bill Receivable Account Cr. J. F. J.F. Babli Mar Cash , Rebate on bill Book of Babli Purchases A/c To Amit A/c (Purchased goods from Amit) Jan. Amit’s A/c To Bills Payable A/c (Accepted Amit’s draft payable after three months) Mar. Bill Payable A/c To Cash A/c , To Rebate on bills A/c (Acceptance in favour of Amit retired and rebate received) Amit’s Account Cr. J. F. J.F. Bills Payable Jan. Purchases Bills Payable Account Cr. J. F. J.F. Jan. Cash Amit Rebate on bills