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प्रश्न
Journalise the following transactions in the books of Mr. Arvind.
- Bank informed that Sam's acceptance for ₹ 30,000 sent to bank for collection has been honoured and bank charges debited ₹ 200.
- Arun informed Arvind that Neena's acceptance for ₹ 25,000 endorsed to Arun has been dishonoured. Noting charges paid by Arun amounted to ₹ 400.
- Bank informed that Jay's acceptance of ₹ 35,000 which was discounted with bank was dishonoured, bank paid noting charges ₹ 500.
- Arvind sold goods to Sagar for ₹ 20,000 on credit and drew a bill for two months on Sagar for the same amount.
- Neeta retired her acceptance to Arvind of ₹ 16,500 by paying cash ₹ 16,000
उत्तर
| Journal Entry In the Books of Arvind |
||||
| Date | Particulars | L. F. | Debit Amount (₹) | Credit Amount (₹) |
| (A) | Bank A/c ...Dr. | 30,000 | 30,000 | |
| Bank charges A/c | 200 | |||
| To Bill sent to Bank for collection A/c | ||||
| (Being the bill sent to Bank for collection honoured and Bank charges paid.) | ||||
| (B) | Neena's A/c ...Dr. | 25,400 | ||
| To Arun's A/c | 25,400 | |||
| (Being Endorsement bill is dishonoured and Noting Charges paid by Arun) | ||||
| (C) | Jay's A/c ...Dr. | 35,500 | ||
| To Bank A/c | 35,500 | |||
| (Being Discounted bill is dishonoured and Noting charges paid by Bank) | ||||
| (D) (1) | Sagar's A/c ...Dr. | 20,000 | ||
| To Sales A/c | 20,000 | |||
| (Being the goods sold on credit.) | ||||
| (D) (2) | Bills Receivable A/c ...Dr. | 20,000 | ||
| To Sagar's A/c | 20,000 | |||
| (Being Acceptance received from Sagar) | ||||
| (E) | Cash/Bank A/c ...Dr. | 16,000 | ||
| Rebate A/c ...Dr. | 500 | 16500 | ||
| To Bills Receivable A/c | ||||
| (Being cash received from Neeta on retirement of bill and rebate granted.) | ||||
| Total | 1,47,400 | 1,47,400 | ||
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संबंधित प्रश्न
Give one word/phrase/term which can substitute the following statement:-
Fees charged by Notary Public for getting the fact of dishonour noted.
Give one word/phrase/term which can substitute the following statement:-
Officer appointed by government for noting of dishonour of bill.
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.
On 1st Jan. 2020 Hemant sold goods of ₹ 18,500 to Nitin. On the same date, Hemant drew a bill of exchange for ₹ 18,500 at 2 months. On the due date, the bill was duly honoured.
Give Journal Entries in the Books of Hemant and Nitin. Prepare Hamant’s account in the books of Nitin.
Pankaj purchased goods of ₹ 20,000 from Omprakash on credit on 15th April 2019. Omprakash draws After Sight bill for the amount due on Pankaj for 3 months, which was accepted by Pankaj on 18th April, 2019. On 20th April, 2019 Omprakash endorsed the bill to his creditor Jagsish in full settlement of his amount ₹ 21,000. On the due date, the bill was dishonoured by Pankaj.
Give Journal Entires in the Books of Omprakash, Pankaj and Jagdish.
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 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.
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 ______.
Maya owed Pari ₹ 36,000. Maya accepted a bill drawn by Pari for the amount at 4 months. Pari endorsed the same bill to Jyoti. Before due date Maya approached Pari for renewal of bill. Pari agreed on condition that ₹ 12,000 be paid immediately together with interest on the remaining amount of 8% p.a. for 3 months and Maya should accept a new bill for the balance amount. These arrangements were carried through. However, before the due date, Maya became insolvent and only 50% of the amount could be recovered from her estate. Give Journal Entries in the books of Pari.
Malay drawn an after sight bill on 21st Nov, 2022 for ₹ 26,250 at 3 months on Malay. The bill is discounted by Malay at 8% p.a. with his bank. On maturity Malay finds himself unable to make payment of the bill and requests Malay to renew it. Malay accepts the request and draws a new bill at one month for ₹ 27,188 including interest which was duly accepted by Malay. Malay deposits the bill into bank for the collection. Malay honours the bill on the due date and bank deducted ₹ 313 as bank charges.
Pass necessary journal entries in the books of Malay.
Mitali accepted a bill for ₹ 36,000 drawn by Manoj at 3 months. Manoj discounted the bill for ₹ 34,800. Before the due date Mitali approached Manoj for renewal of the bill. Manoj agreed on the condition that Mitali should pay ₹ 12,000 immediately and for the balance she should accept a new bill for 4 months along with interest ₹ 1,100. The arrangements were carried through. But on the due date of new bill, Mitali became insolvent and 35 paise in a rupee could be recovered from her estate.
Give journal entries in the books of Mitali.
Find the odd one:
Give one word/phrase/term which can substitute the following statement:
Conversion of Bill of Exchange into its present value.
