Accounts

This query is : Resolved

Guest

Guest (Querist)

21 March 2009 I HAVE RECEIVED RS 100 /- AS PER BILL FROM A .

SAME I DISCOUTED WITH BANK BANK AGREED TO PAY 90/- RS 6/- KEEPS TOWARDS MARGIN AN RS.4/- TOWARDS INTEREST

BANK PAID AS PER AGREED TERMS THEN WHAT WILL BE THE ENTRIES FOR THIS

Kishore Kumar Pahuja

Kishore Kumar Pahuja (Expert)
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23 March 2009 The entry should be like this

Bank Account Dr. 90.00
Bank FD
(or suitable margin a/c) Dr. 6.00

Interest A/c Dr. 4.00

To Bils Discounted A/c 100.00

Margin will be transferred to Bank a/c on payment of the bill on maturity.

Kishore Kumar Pahuja

Kishore Kumar Pahuja (Expert)
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23 March 2009 Any other member can suggest a better option please.

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