Ritesh and Naina were in need of funds temporarily. On August 1, 2010, Ritesh drew upon...

 

Transcribed Image Text:

Ritesh and Naina were in need of funds temporarily. On August 1, 2010, Ritesh drew upon Naina a bill for Rs. 12,000 for 4 months. Naina accepted the bill and returned to Ritesh. Ritesh discounted the bill at the rate of 8% per annum. Half amount of the discounted bill remitted to Naina. On due date, Ritesh sent the required sum to Naina, who met the bill. Journalise the transaction in the books of both the parties. Ritesh and Naina were in need of funds temporarily. On August 1, 2010, Ritesh drew upon Naina a bill for Rs. 12,000 for 4 months. Naina accepted the bill and returned to Ritesh. Ritesh discounted the bill at the rate of 8% per annum. Half amount of the discounted bill remitted to Naina. On due date, Ritesh sent the required sum to Naina, who met the bill. Journalise the transaction in the books of both the parties.

Answer rating: 100% (QA)

In the Books of Ritesh Journal Entries Date Particulars LF AmtDr AmtCr 2010 Aug 1 Bills ... View the full answer