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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? - Book Keeping and Accountancy

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प्रश्न

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?

बेरीज

उत्तर

Consider the immediate or the next working day as the due date in case the legal due date is declared as an emergency holiday.

i.e. here it is, 12th June, 2019   12/06/2019
+ 2 months + 02
+ 3 days of grace + 03
    15/08/2019

∴ The legal due date is 16th August 2019 (the next day).

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Honour and Dishonour of Bill of Exchange
  या प्रश्नात किंवा उत्तरात काही त्रुटी आहे का?
पाठ 7: Bills of Exchange - Exercise 7.1 (Objective Questions) [पृष्ठ ३०४]

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बालभारती Book Keeping and Accountancy [English] 12 Standard HSC Maharashtra State Board
पाठ 7 Bills of Exchange
Exercise 7.1 (Objective Questions) | Q H. 6) | पृष्ठ ३०४

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.


Veena who had accepted Sudha’s bill for ₹ 28,000 was declared bankrupt and only 35 paise in a rupee could be recovered from her estste. Calculate the amount of bad debts.


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.


Jyoti owes ₹ 31,000 to Swati for which was draws a bill on Jyoti for 2 months. The bill was duly accepted by Jyoti. Swati sends the bill to bank for collection. Jyoti honoured the bill on the due date and bank charges ₹ 475 as bank charges.

Give Journal Entries in the Books of Swati.


Siddhant sold goods to Sudhir of  ₹ 43,800 on 18th March 2019. Siddhant draws a bill on Sudhir on the same day for ₹ 43,800 for 3 months which was duly accepted by Sudhir. Siddhant discounted the bill on the same day at 8% p.a. the bill was dishonoured on the due date and Sudhir requested Siddhant to accept ₹ 13,800 and interest in cash on remaining amount at 12% p.a. Siddhant agreed and for the balance, the amount accepted a new bill at 2 months. Before the due date of new bill, Sudhir retired the bill by paying ₹ 29,700.

Pass necessary Journal Entries in the Books of Siddhant.


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.


Seema purchased goods from Roma on credit on 1 st August, 2019 fo ₹ 37,000, Seema accepts bill for 2 months drawn by Roma for the same amount on the same day Roma discounts the bill with the bank for ₹ 36,200 on 3rd August 2019. On the due date the bill is dishonoured and Noting Charges of ₹ 160 is paid by the bank. Seema pays ₹ 19,000 and Noting Charges in cash immediately. Anew bill is drawn by Roma for the balance including interest ₹ 650 for 2 months, which is accepted by Seema. The new bill is retired one month before the due date at a rebate of ₹ 300

Give Journal Entries in the Books of Seema and prepare Seems’s Account in the books of Roma.


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.


Journalise the following transactions in the books of Apoorva.

  1. Prashant’s acceptance for 60 days ₹ 12,750 deposited into bank for collection.
  2. Apoorva sold goods to Kirti for ₹ 20,000 and received her acceptance for the same amount for 2 months. The bill was endorsed to Rekha.
  3. Received 30% of the amount due from the private estate of Mukta who was declared insolvent. Mukta had dishonoured her acceptance of ₹ 23,850 and noting charges paid were ₹ 150.
  4. Apoorva renews her acceptance of ₹ 36,000 to Anuradha by paying cheque of ₹ 6,000 and accepting a new bill for 2 months for balance along with interest @ 14.5% p. a.

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


Anshu purchased goods of ₹ 36,000 from Kavya on credit on 15th April, 2023. Kavya draws After Sight Bill for the amount due on Anshu for 3 months which was accepted by Anshu on 18th April, 2023. On 20th April, 2023 Kavya endorsed the bill to his creditor John in full settlement of his amount ₹ 37,800. On the due date the bill was dishonoured by Anshu.
Give Journal Entries in the books of Kavya, Anshu and John.


Noting charges are borne by ______.


Find the odd one:


Give one word/phrase/term which can substitute the following statement:

Conversion of Bill of Exchange into its present value.


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