Shyam sold goods to Ram for ¥ 20,000 on 1.1.2015. On the same date Shyam drew upon Ram a bill for the amount of bill at 2 months and Ram accepted the same. On 4th January 2015, Shyam discounted the bill at his bank @ 12% p.a. On the due date Ram told Shyam that he was not in a position to pay the full amount and requested Shyam to accept ¥ 10,000 in cash and to draw a fresh bill for the remaining amount for 2 months together with interest at 15% p.a. Shyam agreed. The second bill was duly met. Give entries to record the above transactions in the books of Shyam. Shyam sold goods to Ram for 7 20,000 on 1.1.2015. On the same date Shyam drewupon Ram a bill for the amount of bill at 2 months and Ram accepted the same. On4th January 2015, Shyam discounted the bill at his bank @ 12% p.a. On the due dateRam told Shyam that he was not in a position to pay the full amount and requestedShyam to accept z 10,000 in cash and to draw a fresh bill for the remaining amountfor 2 months together with interest at 15% p.a. Shyam agreed. The second bill wasduly met. Give entries to record the above transactions in the books of Shyam.

A bill is a type of debt instrument that is generally used by companies in exchange for cash. Bill…

Answered: Shyam sold goods to Ram for ¥ 20,000 on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Shyam sold goods to Ram for ¥ 20,000 on 1.1.2015. On the same date Shyam drew upon Ram a bill for the amount of bill at 2 months and Ram accepted the same. On 4th January 2015, Shyam discounted the bill at his bank @ 12% p.a. On the due date Ram told Shyam that he was not in a position to pay the full amount and requested Shyam to accept ¥ 10,000 in cash and to draw a fresh bill for the remaining amount for 2 months together with interest at 15% p.a. Shyam agreed. The second bill was duly met. Give entries to record the above transactions in the books of Shyam.

Shyam sold goods to Ram for 7 20,000 on 1.1.2015. On the same date Shyam drew
upon Ram a bill for the amount of bill at 2 months and Ram accepted the same. On
4th January 2015, Shyam discounted the bill at his bank @ 12% p.a. On the due date
Ram told Shyam that he was not in a position to pay the full amount and requested
Shyam to accept z 10,000 in cash and to draw a fresh bill for the remaining amount
for 2 months together with interest at 15% p.a. Shyam agreed. The second bill was
duly met. Give entries to record the above transactions in the books of Shyam.

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions