हिंदी

On Jan 01, 2016, Shankar purchased goods from Parvati for ₹ 8,000 and immediately drew a promissory note in favour of Parvati payable after 3 months. On the date of maturity of the - Accountancy

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प्रश्न

On Jan 01, 2016, Shankar purchased goods from Parvati for ₹ 8,000 and immediately drew a promissory note in favour of Parvati payable after 3 months. On the date of maturity of the promissory note, the Government of India declared holiday under the Negotiable Instrument Act 1881. Since, Parvati was unaware about the provision of the law regarding the date of maturity of the bill, she handed over the bill to her lawyer, who duly presented the bill and received the payment. The amount of the bill was handed over by the lawyer to Parvati immediately. Record the necessary Journal entries in the books of Parvati and Shankar.

रोजनामा प्रविष्टि

उत्तर

Books of Parvati
Journal
Date Particulars L.F. Debit
Amount
Credit
Amount
2016         
Jan.01 Shankar Dr.    8,000  
    To Sales A/c     8,000
  (Goods sold to Shankar)      
Jan.01 Bills Receivable A/c Dr.    8,000  
    To Shankar      8,000
  (Promissory Note received
from Shankar
for three months)
     
Apr.05 Cash A/c Dr.    8,000  
    To Bills Receivable A/c     8,000
  (Cash received for Promissory
Note one day after the maturity date
on account of holiday declared by Govt.)
     

 

Books of Shankar
Journal
Date Particulars L.F. Debit
Amount
Credit
Amount
2016         
Jan.01 Purchases A/c Dr.   8,000  
   To Parvati      8,000
  (Goods purchased from Parvati)      
Jan.01 Parvati Dr.     8,000  
    To Bills Payable A/c     8,000
  (Promissory note for
three months sent to Parvati)
     
Apr.05 Bills Payable A/c Dr.    8,000  
    To Cash A/c      8,000
  (Cash paid on maturity
of promissory note)
     

Note:

Here, it has been assumed holiday on Apr.04, 2016 is emergency holiday if it had gazetted holiday, the Promissory Note should have been discharged on Apr.05, 2011.

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Promissory Note
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अध्याय 8: Bill of Exchange - Numerical Questions [पृष्ठ ३११]

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एनसीईआरटी Accountancy - Financial Accounting 1 [English] Class 11
अध्याय 8 Bill of Exchange
Numerical Questions | Q 2 | पृष्ठ ३११
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