Rohan and Rohit were both in need to temporary accommodation. On November 01, 2005, Rohan accepted Rohit draft fro Rs. 5,000 for 3 months and Rohit accepted Rohan draft for Rs.4,000 for 3 months. The both bills were discounted at the respected banks for Rs.4,800 and Rs.3,850. Before maturity of the bill Rohit sent Rs.1000 to Rohan for difference in accommodation bill. Rohan and Rohit met his acceptance on the due date records the transaction in the journal of Rohan and Rohit.

Books of Rohan** Journal | Date | Particulars | L.F | Debit Amt. | Credit Amt. | | --- | --- | --- | --- | --- | | 2005 Nov.01 | Rohit A/c Dr. To Bills Payable A/c (Rohan accepted bill accommodation) | | 5,000 | 5,000 | | Nov.01 | Bill Receivable A/c Dr. To Rohit’s A/c (Accommodated bill received) | | 4,000 | 4,000 | | Nov.01 | Bank A/c Dr. Discount A/c Dr. To Bill receivable A/c (Bill discounted by bank) | | 3,850 150 | 4,000 | | Feb.04 | Cash A/c Dr. To Rohit’s A/c (Cash received for meet the bill) | | 1,000 | 1,000 | | Feb.04 | Bills Payable Dr. To BankA/c (Bill met on maturity) | | 5,000 | 5,000 | **Books of Rohit ** Journal | Date | Particulars | L.F | Debit Amt. | Credit Amt. | | --- | --- | --- | --- | --- | | 2005 Nov.01 | Rohan’s A/c Dr. To Bills Payable A/c (Rohit accepted bill accommodation) | | 4,000 | 4,000 | | Nov.01 | Bills Receivable A/c Dr. To Rohan A/c (Accommodated bill received) | | 5,000 | 5,000 | | Nov.01 | Bank A/c Dr. Discount A/c Dr. To Bill Receivable A/c (Bill discounted by bank) | | 4,800 200 | 5,000 | | Feb.04 | Rohan’s A/c Dr. To Cash A/c (Sent cash to rohan) | | 1,000 | 1,000 | | Feb.04 | Bill Payable A/c Dr. To Bank A/c (Bill met on due date) | | 4,000 | 4,000 |