Question

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.

Answer 1

In the books of Mrunal

Journal Entries
Date	Particulars		L. F.	Debit (₹)	Credit (₹)
(a) (i)	Aishwarya’s A/c	Dr.		24,000
	To Bank A/c				24,000
	(Being discounted bill dishonoured)
(ii)	Aishwarya’s A/c	Dr.		220
	To Bank A/c				220
	(Being noting charges paid and adjusted)
(iii)	Aishwarya’s A/c	Dr.		480
	To Interest A/c				480
	(Being interest amount due)
(iv)	Bills Receivable A/c	Dr.		24,700
	To Aishwarya’s A/c				24,700
	(Being new acceptance received from Aishwarya for balance receivable)
(b)	Cash A/c	Dr.		4,630
	Bad Debts A/c	Dr.		1,370
	To Ankur’s A/c				6,000
	(Being cash received and write off remaining amount of Ankur)
(c)	Anushka’s A/c	Dr.		20,000
	To Bank A/c				5,000
	To Bills Payable A/c				15,000
	(Being Accepted bill and paid cash to Anushka)
(d)	Bills Payable A/c	Dr.		27,000
	Noting Charges A/c	Dr.		700
	To Vivek’s A/c				27,700
	(Being our acceptance dishonoured and Vivek paid noting charges)
				1,03,100	1,03,100