AID15375: On 1st July, 2011 G drew a bill for Rs.80,000 for 3 months on H for mutual accommodation. H accepted the bill of exchange. G had purchased goods worth Rs.81,000 from J on the same date. G endorsed H’s acceptance to J in full settlement. On 1st September, 2011, J purchased goods worth Rs.90,000 from H. J endorsed the bill of exchange received from G to H and paid Rs.9,000 in full settlement of the amount due to H. On 1st October, 2011, H purchased goods worth Rs.1,00,000 from G. H paid the amount due to G by cheque. Give the necessary Journal Entries in the books of H.

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Q: On 1st July, 2011 G drew a bill for Rs.80,000 for 3 months on H for mutual accommodation. H accepted the bill of exchange. G had purchased goods worth Rs.81,000 from J on the same date. G endorsed H’s acceptance to J in full settlement. On 1st September, 2011, J purchased goods worth Rs.90,000 from H. J endorsed the bill of exchange received from G to H and paid Rs.9,000 in full settlement of the amount due to H. On 1st October, 2011, H purchased goods worth Rs.1,00,000 from G. H paid the amount due to G by cheque. Give the necessary Journal Entries in the books of H.

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