On January 1, 2011 Rao sold goods Rs. 10,000 to Reddy. Half of the payment was...

 

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On January 1, 2011 Rao sold goods Rs. 10,000 to Reddy. Half of the payment was made immediately and for the remaining half, Rao drew a bill of exchange upon Reddy payable after 30 days. Reddy accepted the bill and returned it to Rao. On the due date, Rao presented the bill to Reddy and received the payment. Journalise the transactions in the books of Rao and prepare Rao's account in the books of Reddy. On January 1, 2011 Rao sold goods Rs. 10,000 to Reddy. Half of the payment was made immediately and for the remaining half, Rao drew a bill of exchange upon Reddy payable after 30 days. Reddy accepted the bill and returned it to Rao. On the due date, Rao presented the bill to Reddy and received the payment. Journalise the transactions in the books of Rao and prepare Rao's account in the books of Reddy.

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