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Question
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.
Solution
|
In the books of Omprakash Journal Entries |
||||
| Date | Particulars | L.F | Debit (₹) | Credit (₹) |
| 2019 April 15 | Pankaj’s A/c ...Dr. | 20,000 | ||
| To Sales A/c | 20,000 | |||
| (Being goods sold on credit) | ||||
| 2019 April 18 | Bills Receivable A/c ...Dr. | 20,000 | ||
| To Pankaj’s A/c | 20,000 | |||
| (Being bill drawn and acceptance received) | ||||
| 2019 April 20 | Jagdish’s A/c ...Dr. | 21,000 | ||
| To Bills Receivable A/c | 20,000 | |||
| To Discount A/c | 1,000 | |||
| (Being Pankaj’s acceptance endorsed) | ||||
| 2019 July 21 | Pankaj’s A/c ...Dr. | 20,000 | ||
| Discount A/c ...Dr. | 1000 | |||
| To Jagdish’s A/c | 21,000 | |||
| (Being Pankaj’s acceptance dishonoured and reverted the Jagdish’s A/c) | ||||
| 82000 | 82000 | |||
|
In the books of Pankaj Journal Entries |
||||
| Date | Particulars | L.F | Debit (₹) | Credit (₹) |
| 2019 April 15 | Purchase A/c ...Dr. | 20,000 | ||
| To Omprakash’s A/c | 20,000 | |||
| (Being goods purchased on credit) | ||||
| 2019 April 18 | Omprakash’s A/c ...Dr. | 20,000 | ||
| To Bills Payable A/c | 20,000 | |||
| (Being our acceptance is given.) | ||||
| 2019 April 20 | No Entry | - | - | |
| 2019 July 21 | Bill Payable A/c ...Dr. | 20,000 | ||
| To Omprakash’s A/c | 20,000 | |||
| (Being our acceptance dishonoured on the due date) | ||||
| 60,000 |
60,000 |
|||
|
In the books of Jagdish Journal Entries |
||||
| Date | Particulars | L.F | Debit (₹) | Credit (₹) |
| 2019 April 20 | Bills Receivable A/c ...Dr. | 20,000 | ||
| Discount A/c ...Dr. | 1000 | |||
| To Omprakash’s A/c | 21,000 | |||
| (Being Bills Receivable received) | ||||
| 2019 July 21 | Omprakash’s A/c ...Dr. | 21,000 | ||
| To Bills ReceivableA/c | 20,000 | |||
| To Discount A/c | 1000 | |||
| (Being Bills receivable dishonoured) | ||||
| 42000 | 42000 | |||
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