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प्रश्न
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.
उत्तर
|
In the books of Shankar Journal Entries |
||||
| Date | Particulars | L.F | Debit (₹) | Credit (₹) |
| 1 | Uday’s A/c Dr | 31,500 | ||
| To Sales A/c | 31,500 | |||
| (Being goods sold on credit @ 10 % trade discount) | ||||
| 2 | Cash A/c Dr. | 1,500 | ||
| To Uday’s A/c | 1,500 | |||
| (Being cash received from Uday) | ||||
| 3 | Bills Receivable A/c Dr. | 30,000 | ||
| To Uday’s A/c | 30,000 | |||
| (Being bill drawn and acceptance received) | ||||
| 4 | Uday’s A/c Dr. | 30,000 | ||
| To Bills Receivable A/c | 30,000 | |||
| (Being the bill cancelled at the request of Uday) | ||||
| 5 | Uday’s A/c Dr. | 900 | ||
| To Interest A/c | 900 | |||
| (Being interest amount due) | ||||
| 6 | New Bills Receivable A/c Dr | 30,900 | ||
| To Uday’s A/c | 30,900 | |||
| (Being new bill drawn with interest and acceptance received) | ||||
| 124800 | 124800 | |||
working Note :
I =`"PRN"/100 = 30,000 xx 3/12 xx 12/100` = ₹ 900
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