# 5. On 1st January, 2021, $X$ sold goods of ₹ 20,000 to $Y$ and drew a bill on $Y$ at three months for the amount. $Y$ accepted the bill. The bill is met on maturity. Pass the necessary Journal entries in the books of $X$ and $Y$, if $X$ discounted the bill @ 12\% p.a. from bank on 4th January.

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5. On 1st January, 2021, $X$ sold goods of ₹ 20,000 to $Y$ and drew a bill on $Y$ at three months for the amount. $Y$ accepted the bill. The bill is met on maturity. Pass the necessary Journal entries in the books of $X$ and $Y$, if $X$ discounted the bill @ 12\% p.a. from bank on 4th January. [Hint: Discounting charges $=₹ 600$.]