The journal entries to be recoded in the books of the drawer and the acceptor · Part 2

journal entries will be made in the books of Sumit under all the four circumstances: In the books of Sumit Purchases A/c To Amit’s A/c (Purchases goods from Amit on credit) Amit’s A/c To Bill’s Payable A/c (Accepted bill drawn by Amit payable after three months) Apr. Bills payable A/c (Met acceptance maturity) Illustration On March , Ramesh sold goods for Rs. , to Deepak on credit. Deepak accepted a bill of exchange drawn upon him by Ramesh payable after three months. On April, Ramesh endorsed the bill in favour of his creditor Poonam in full settlement of her debt of Rs. , . On May , Poonam discounted the bill with her bank @ % p.a. On the due date Deepak met the bill. Record the necessary journal entries in the books of Ramesh, Deepak, Poonam. Books of Ramesh Mar. Deepak A/c , To Sales A/c , (Sold goods to Deepak on credit) Mar. Bills Receivable A/c , To Deepak A/c , (Received Deepak’s acceptance for three months) Apr. Poonam’s A/c , , To Discount Received A/c (Bill endorsed in favour of Poonam in full settlement of her debt of Rs. , ) Book of Deepak Mar. Purchases A/c , To Ramesh A/c , (Sold goods to Deepak on credit) Mar. Ramesh’s A/c , To Bills Payable A/c , (Accepted Ramesh’s draft payable after three months) Jun. Bills Payable A/c , , (Met the acceptance in favour of Ramesh on maturity) Books of Poonam Amount Amount Mar. Bills Receivable A/c , Discount Allowed A/c To Ramesh’s A/c , (Ramesh endorsed Deepak’s acceptance in our favour for discharge his dept of Rs. , in full settlement) Mar. , Discount Allowed A/c , (Biils receivable encashed on maturity)