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     EduGorilla 
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    On 1st January, 2016, Anu sells goods for Rs. 20,000 to Balu and draws a bill at three months for the amount. Balu accepts it and returns it to Anu. On 1st March, 2016, Balu retires his acceptance under rebate of 12% per annum. Find out the correct journal entry for the discharge of the bill in the journals of Balu.

    Options :-

    1. Bank a/c……….Dr 19,800
      Rebate a/c …….Dr 200
      To bills payable a/c 20,000
    2. Rebate a/c ……….Dr 200
      Bills payable a/c ………Dr 19,800
      To bank a/c          20,000
    3. Bills payable a/c …….Dr 20,000
      To bank a/c                   19,800
      To rebate a/c                     200
    4. Bank a/c……..Dr           19,800
      To bills payable a/c               19,800
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