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प्रश्न
Akshay drew a bill on Deepak for ₹ 25,000 on 23rd December, 2019, for 3 months. Deepak accepted the same and returned it to Akshay. On the due date the bill was duly honoured by Deepak.
Give journal entries in the books of Akshay and Deepak under each of the following cases:
- If Akshay retained the bill till maturity.
- If Akshay discounted the bill with the bank at 6% p.a. on the same day.
- If Akshay sent the bill to bank for collection on 23rd December, 2019.
- If Akshay endorsed the bill to his creditor Viren.
उत्तर
| Journal Entries In the books of Akshay |
||||
| Date | Particular | L.F. | Amount Dr. (₹) |
Amount Cr. (₹) |
|
2019 |
Bills Receivable A/c ...Dr. | 25,000 | - | |
| To Deepak's A/c | - | 25,000 | ||
| (Being bill drawn on Deepak for 3 months and Acceptance received) | ||||
| (a) 2020 Mar. 26 | Cash/Bank ...Dr. | 25,000 | - | |
| To Bills Receivable A/c | - | 25,000 | ||
| (Being Deepak's Acceptance honoured on the due Date) | ||||
| (b) 2019 Dec. 23 | Bank A/c ...Dr. | 24,625 | - | |
| Discount A/c ...Dr. | 375 | - | ||
| To Bills Receivable A/c | - | 25,000 | ||
| (Being Deepak's Acceptance Discounted with the Bank at 6% p.a. for 3 months) | ||||
| (c) 2019 Dec. 23 | Bill Sent for Collection A/c ...Dr. | 25,000 | - | |
| To Bills Receivable A/c | - | 25,000 | ||
| (Being Deepak's acceptance sent to the bank for collection) | ||||
| 2019 Mar. 26 | Bank A/c ...Dr. | 25,000 | - | |
| To Bill Sent for Collection A/c | - | 25,000 | ||
| (Being bill honoured on the due Date) | ||||
| (d) 2019 Dec. 23 | Viren's A/c ...Dr. | 25,000 | - | |
| To Bills Receivable A/c | - | 25,000 | ||
| (Being Deepak's Acceptance endorsed to Viren) | ||||
| Journal Entries In the books of Deepak |
||||
| Date | Particular | L.F. | Amount Dr. (₹) |
Amount Cr. (₹) |
|
2019 |
Akshay's A/c ...Dr. | 25,000 | - | |
| To Bill Payable A/c | - | 25,000 | ||
| (Being Bill Accepted) | ||||
| 2020 Mar. 26 | Bill Payable ...Dr. | 25,000 | - | |
| To Cash/Bank A/c | - | 25,000 | ||
| (Being our Acceptance honoured on the due date) | ||||
| (b) 2019 Dec. 23 | Bill Payable A/c ...Dr. | 25,000 | - | |
| To Bank A/c | - | 24,625 | ||
| To Discount | - | 375 | ||
| (Being Our Acceptance Discounted with the Bank at 6% p.a. for 3 months) | ||||
| (c) 2019 Dec. 23 | Bill Payable A/c ...Dr. | 25,000 | - | |
| To Bill Sent for Collection A/c | - | 25,000 | ||
| (Being Our acceptance sent to the bank for collection) | ||||
| 2019 Mar. 26 | Bill Sent for Collection A/c ...Dr. | 25,000 | - | |
| To Bank A/c | - | 25,000 | ||
| (Being our Acceptance honoured on the due Date) | ||||
| (d) 2019 Dec. 23 | Bill Payable A/c ...Dr. | 25,000 | - | |
| To Viren's A/c | - | 25,000 | ||
| (Being Our Acceptance endorsed to Viren) | ||||
APPEARS IN
संबंधित प्रश्न
Ganesh draws a bill for ₹ 40,260 on 15th Jan. 2020 for 50 days. He discounted the bill with Bank of India @15% p.a. on the same day. Calculate the amount of discount.
Shefali Traders drew a bill on Maya for ₹ 30,000 on 1st Oct. 2019 payable after 3 months. Calculate amount of discount in the following cases:
i) Shefali Traders discounted the bill on the same day @ 12% p.a.
ii) Shefali Traders discounted the bill on 1st Nov. 2019 @ 12% p.a.
iii) Shefali Traders discounted the bill on 1st Dec. 2019 @ 12% p.a.
Nitin renewed his acceptance for ₹ 72,000 by paying ₹ 22,000 in cash and accepting a new bill for the balance plus interest @ 18% p.a. for 4 months. Calculate the amount of new bill.
Nisha’s acceptance for ₹ 16,850 sent to bank for collection was honoured and bank charges debited were ₹ 125. Find out the amount actually received by Drawer.
A bill of ₹ 16,000 was drawn by Keshav on Gopal on 12th June 2019 for 2 months. What will be the due date, if all of sudden, the legal due date is declared as an emergency holiday?
On 1st Jan. 2020 Hemant sold goods of ₹ 18,500 to Nitin. On the same date, Hemant drew a bill of exchange for ₹ 18,500 at 2 months. On the due date, the bill was duly honoured.
Give Journal Entries in the Books of Hemant and Nitin. Prepare Hamant’s account in the books of Nitin.
Pankaj purchased goods of ₹ 20,000 from Omprakash on credit on 15th April 2019. Omprakash draws After Sight bill for the amount due on Pankaj for 3 months, which was accepted by Pankaj on 18th April, 2019. On 20th April, 2019 Omprakash endorsed the bill to his creditor Jagsish in full settlement of his amount ₹ 21,000. On the due date, the bill was dishonoured by Pankaj.
Give Journal Entires in the Books of Omprakash, Pankaj and Jagdish.
Sangeeta accepted a bill for ₹ 18,000 drawn by Geeta at 3 months. Geeta discounted the bill for ₹ 17,400. Before the due date Sangeeta approached Geeta for renewal of the bill. Geeta agreed on the condition that Sangeeta should pay ₹ 6,000 immediately and for the balance, she should accept a new bill for 4 months along with interest ₹ 550. The arrangements were carried through. But on the due date of new bill Sangeeta became insolvent and 35 paise in a rupee could be recovered from her estate.
Give Journal Entries in the Books of Sangeeta and prepare Sangeeta’s account in the books of Geeta.
Sagar drawn an after sight bill on 21st Nov. 2019 for ₹ 21,000 at 3 months on Prasad. The bill is discounted by Sagar at 8 % p. a. with his bank. On maturity, Prasad finds himself unable to make payment of the bill and requests Sagar to renew it. Sagar accepts the request and draws a new bill at one month for ₹ 21,750 including interest which was duly accepted by Prasad. Sagar deposits the bill into bank for the collection. Prasad honours the bill on the due date and Bank charges ₹ 250 as Bank Charges.
Pass necessary Journal Entries in the Books of Sagar and prepare Sagar’s account in the books of Prasad.
Uday purchased goods from Shankar on credit for ₹ 35,000 at 10 % Trade discount. Uday paid ₹1,500 immediately and for the balance accepted a bill for 3 months. Before the due date, Uday approached Shankar with a request to renew the bill. Shankar agreed but with condition that Uday should accept a new bill for 3 months including interest at 12 % p.a.
Give Journal Entries in the Books of Shankar.
Journalise the following transaction in the books of Abhishek:-
a) Siddhant informs Abhishek that Vineet’s acceptance for ₹ 23,000 endorsed to Siddhant has been dishonoured. Nothing Charges amounted to ₹ 430.
b) Kajal renews her acceptance to Abhishek for ₹ 39,000 by paying 3,000 in cash and accepting a fresh bill for the balance along with interest at 11.5 % p.a. for 3 months.
c) Radhika retired her acceptance to Abhishek for ₹ 23,000 by paying ₹ 22,250 by cheque.
d) Abhishek sent a bill of Subodh for ₹ 9,000 to bank for collection. Bank informed that the bill has been dishonoured by Subodh.
Journalise the following transactions in the books of Narendra: -
a) Narendra retires his acceptance to Upendra by paying ₹ 4,000 in cash and endorsing a bill accepted by Ramlal for ₹ 5,000.
b) Vikram’s acceptance to Narendra ₹ 6,000 retired one month before the due date at rebate of 12% p.a.
c) Dilip renews his acceptance to Narendra for ₹ 12,000 by paying ₹ 4,000 in cash and accepting a fresh bill for the balance plus interest at 12% p.a. for 3 months.
d) Bank informed Narendra that, Kartik’s acceptance for ₹ 13,000 to Narendra, discounted with the bank was dishonoured and Noting Charges paid by bank ₹ 140.
Journalise the following transactions in the books of Bharti:-
a) Bank informed that Amit’s acceptance for ₹15,750 sent to bank for collection was honoured and bank charges debited were ₹ 150.
b) Nitin renewed his acceptance for ₹ 22,200 by paying ₹ 2,200 in cash along with interest on balance amount at 10% and accepted a fresh bill for the balance for 3 months.
c) Dhanshri who had accepted Bharti’s bill for ₹ 17,500 was declared insolvent and only 40% of the amount due could be recovered from his estate.
d) Discharged our acceptance to Savita for ₹ 9,450 by endorsing Pravin’s acceptance to us ₹ 9,000.
Journalise the following transactions in the books of Sudha:-
a) Endorsed Sonali’s acceptance at 2 months for ₹ 6,000 in favour of Urmila and paid cash ₹ 3,500 in full settlement of her account ₹ 10,000.
b) Discounted 2 months acceptance of Surya for ₹ 7,800 with bank at 10% p.a.
c) Bank informed that Anuradha’s acceptance of ₹ 4,800 which was discounted was dishonoured and bank paid Noting Charges ₹ 125.
d) Pooja honoured her acceptance of ₹ 16,400 which was deposited into bank for collection.
Journalise the following transactions in the books of Mrunal:
a) Bank informed that Aishwarya’s acceptance of ₹ 24,000 which was discounted had been dishonoured and bank paid Noting Charges ₹ 220. Bill was renewed at the request of Aishwarya for 2 months with interest of ₹ 480.
b) Received ₹ 4,630 from private estate of Ankur who was declared insolvent against bill accepted by him for ₹ 6,000.
c) Accepted a bill of ₹ 15,000 at 3 months drawn by Anushka for the amount due to her ₹ 20,000 and balance paid by cheque.
d) Dishonoured our acceptance to Vivek ₹ 27,000 and Noting Charges paid by Vivek ₹ 700.
Give one word/phrase/term which can substitute the following statement:
Conversion of Bill of Exchange into its present value.
Give one word/phrase/term which can substitute the following statement:-
Conversion of Bill of Exchange into its present value
Noting charges are borne by ______.
Maya owed Pari ₹ 36,000. Maya accepted a bill drawn by Pari for the amount at 4 months. Pari endorsed the same bill to Jyoti. Before due date Maya approached Pari for renewal of bill. Pari agreed on condition that ₹ 12,000 be paid immediately together with interest on the remaining amount of 8% p.a. for 3 months and Maya should accept a new bill for the balance amount. These arrangements were carried through. However, before the due date, Maya became insolvent and only 50% of the amount could be recovered from her estate. Give Journal Entries in the books of Pari.
Malay drawn an after sight bill on 21st Nov, 2022 for ₹ 26,250 at 3 months on Malay. The bill is discounted by Malay at 8% p.a. with his bank. On maturity Malay finds himself unable to make payment of the bill and requests Malay to renew it. Malay accepts the request and draws a new bill at one month for ₹ 27,188 including interest which was duly accepted by Malay. Malay deposits the bill into bank for the collection. Malay honours the bill on the due date and bank deducted ₹ 313 as bank charges.
Pass necessary journal entries in the books of Malay.
Mitali accepted a bill for ₹ 36,000 drawn by Manoj at 3 months. Manoj discounted the bill for ₹ 34,800. Before the due date Mitali approached Manoj for renewal of the bill. Manoj agreed on the condition that Mitali should pay ₹ 12,000 immediately and for the balance she should accept a new bill for 4 months along with interest ₹ 1,100. The arrangements were carried through. But on the due date of new bill, Mitali became insolvent and 35 paise in a rupee could be recovered from her estate.
Give journal entries in the books of Mitali.
Give one word/phrase/term which can substitute of the following statement:
Conversion of Bill of Exchange into its present value.
Give one word/phrase/term which can substitute the following statement:
Conversion of Bill of Exchange into its present value.
