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Question
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.
Solution
|
In the books of Sudha Journal Entries |
||||
| Date | Particulars | L.F | Debit (₹ ) | Credit (₹ ) |
| (a) | Urmila’s A/c Dr. | 10,000 | ||
| To Cash A/c | 3,500 | |||
| To Discount A/c | 500 | |||
| To Bills Receivable A/c | 6,000 | |||
| (Being Sonali’s acceptance endorsed in favour of Urmila with cash to clear her debt) | ||||
| (b) | Bank A/c Dr | 7,670 | ||
| Discount A/c Dr | 130 | |||
| To Bills Receivable A/c | 7,800 | |||
| (Being discounted Surya’s acceptance with bank) | ||||
| (Hint : `7,800 xx 10/100 xx2/12` = ₹ 130) | ||||
| (c) | Anuradha’s A/c Dr. | 4,925 | ||
| To Bank A/c | 4,925 | |||
| (Being discounted bill dishonoured and noting charges paid by bank) | ||||
| (d) | Bank A/c Dr | 16,400 | ||
| To Bill Sent for Collection A/c | 16,400 | |||
| (Being amount of the bill collected and credited in our bank account) | ||||
| 39125 | 39125 | |||
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