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Bill discounted under lc

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Querist : Anonymous

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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.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
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
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