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.

This statement is False.  Bank charges are expenses for the business. Expenses decrease the bank balance as per Pass Book. Bank charges debited by the bank decrease the bank balance as...

Correct Answer - `980`

(i) (b) Bills of Exchange (ii) (b) short (iii) (b) long term (iv) (c) agency

Correct option is B) Rs. 60, 000

Correct Answer - A `rarr` b, B `rarr` d, C `rarr` a, D `rarr` c

Correct Answer - Dr. Balance as per Cash Book ₹33,705.

Statement of Profit or Loss Particulars Amount (₹) Closing Capital 3,80,000 Add :- Drawings (5,000 x 9) 45,000 Less:- Additional Capital (1,00,000) Less:- Opening Capital (2,50,000) Profit during the year 75,000 or Particulars Amount (₹) Opening Capital 3,50,000 Add :- Additional Capital 2,00,000 Less :- Drawings (80,000) Add :- Profits during the...

Amount of Bill :- 20,000 – 2,000 = ₹ 18,000  Due Date :- 15th December + 3 days = 18 December, 2021

please complete your question

Correct Answer - B Make algebraic equation and proceed