Bill discounted under lc
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 December 2017
What are the accounting entries in the books of seller when he gets his bills(under LC)discounted by Bank.
09 December 2017
While selling
Dr: Debtors
Cr: Sale
On raising bill of exchange
Dr: Bills receivable
Cr: Debtors
On discounting of bills
Dr:Bank
Dr: Interest on discount
Cr:Bills receivable a/c
Dr: Debtors
Cr: Sale
On raising bill of exchange
Dr: Bills receivable
Cr: Debtors
On discounting of bills
Dr:Bank
Dr: Interest on discount
Cr:Bills receivable a/c
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