Note :
1. In the books of Drawer, Rebate Account is DEBITED because it is a loss for Drawer.
2. In the books of Drawee, Rebate Account is CREDITED becuase it is a gain for Drawer.
Illustration 10
Solution :Mukesh sold goods to Jitender on July 1, 2011 for ` 30,000 and drew a bill for the some amount for 3months. Jitender accepted the bill and returned it to Mukesh. Jitender retired his acceptance on 4th August, 2011 under rebate of 8% per annum Give Journal entries in the books of Mukesh and Jitender.
CBSE Accountancy Class XI ( By Mr. Aniruddh Maheshwari )
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