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प्रश्न
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.
उत्तर
|
In the books of Sagar Journal Entries |
||||
| Date | Particulars | L.F | Debit (₹) | Credit (₹) |
| 2019 Nov. 21 | Bills receivable A/c Dr | 21,000 | ||
| To Prasad’s A/c | 21,000 | |||
| (Being bill drawn and acceptance received.) | ||||
| 2019 Nov. 21 | Bank A/c Dr | 20,580 | ||
| Discount A/c Dr | 420 | |||
| To Bills Receivable A/c | 21,000 | |||
| (Being bill discounted with bank) | ||||
| 2020 Feb. 24 | Prasad’s A/c Dr | 21,000 | ||
| To Bank A/c | 21,000 | |||
| (Being the bill canceled) | ||||
| 2020 Feb. 24 | Prasad’s A/c Dr | 750 | ||
| To Interest A/c | 750 | |||
| (Being interest amount due) | ||||
| 2020 Feb. 24 | New Bills Receivable A/c Dr. | 21,750 | ||
| To Prasad’s A/c | 21,750 | |||
| (Being new bill drawn and acceptance received) | ||||
| 2020 Feb. 24 | Bill Sent for Collection A/c Dr | 21,750 | ||
| To New Bills Receivable A/c | 21,750 | |||
| (Being new bill sent for collection to bank) | ||||
| Mar. 27 | Bank A/c Dr | 21,500 | ||
| Bank Charges A/c Dr | 250 | |||
| To Bill sent for collection A/c | 21,750 | |||
| (Being the amount of the bill collected by the bank and credited to our Account by deducting bank charges) | ||||
| 129000 | 129000 | |||
| Dr | In the books of Prasad Sagar’s Account | cr | |||||||
| Date | Particulars | J.F. | Amount (₹) | Date | Particulars | J.F. | Amount (₹) | ||
| 2019 Nov. 21 | To Bills Payable A/c (Acceptance given) | 21,000 | 2019 Nov. 21 | By Balance b/d | 21,000 | ||||
| 2019 Nov. 24 | To Bill Payable A/c (New acceptance given) | 21,750 | Feb. 24 | By Bills Payable A/c (Dishonour) | 21,000 | ||||
| Feb. 24 | By Interest A/c (Int. due) | 750 | |||||||
| 42,750 | 42,750 | ||||||||
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