What will be Journal entry for the follwing -
We have accepted a bills payable of 90 days with 1 % interest on Rs 2.5 lacs So how we can journalize the same ?
kamal kishor sen (STUDENT Rajasthan) 14 July 2011
Party a/c Dr.
To bills payable a/c
nidhi agrawal (chartered accountant) 14 July 2011
Party a/c Dr. 2,50,000
Interest A/c Dr. amount of interest
To Bills Payable Total amount