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Prepare a specimen of Bill of Exchange from the following information:-
- Drawer - Shri Mahesh Patil, Plot No. 25, "Ganesh Nivas" Mahesh Nagar, Koregaon.
- Drawee - Shri Vijay Jadhav, "Saket" M.G. Road, Pune 11.
- Payee - Shri Sanjay Bornare, Vaijapur.
- Period of Bill - 60 days
- Date of Bill - 16th March, 2013
- Amount of Bill - Rs. 15000
- Date of Acceptance - 20th March, 2013
On due date, Pradhan finds himself unable to make payment of the bill and requests Raja to renew it. Raja accepted a proposal on the condition that, Pradhan should pay Rs. 1,000 on account along with interest Rs. 250 in cash and should accept new bill for the balance at 2 months. These arrangements were carried through. Afterwards, one month before due date of new bill Pradhan retired his acceptance by paying Rs. 4,850.
Give Journal entries in the books of Raja of Nagpur.
A bill which is drawn in one country and made payable in other country is called __________.
From the following information prepare a format of a Bill of Exchange:
| (1) Drawer | – | Mr Avadhoot Raktade |
| 586, Main Road, Ajara | ||
| (2) Drawee | – | Mr Mukund Aglawe |
| 133, Chandni Chowk, Panvel | ||
| (3) Amount | – | Rs. 8,800 |
| (4) Period | – | Two months |
| (5) Date of Bill | – | 1st May, 2010 |
| (6) Date of Acceptance | – | 5th May, 2010 |
The person who endorses bill.
Drawer and payee of a bill of exchange may be one and the same person.
(a) On 1st January, 2010, Sameer informs Vivek that Mahesh's acceptance for Rs 32,000 endorsed to Sameer has been dishonoured. Noting charges Rs 800.
(b) On 1st February, 2010, Subhash renews his acceptance to Vivek for Rs 30,000 by paying Rs 14,000 in cash and accepting fresh bill for the balance plus interest @ 10% p.a. for 3 months.
(c) On 5th February, 2010, Dinesh retired his acceptance to Vivek for Rs 12,000 by paying Rs 11,600 in cash.
(d) On 1st March, 2010 Vivek sent a bill of Sohan for Rs 20,000 to Bank for collection. Bank informed that the bill has been dishonoured by Sohan.
(a) Nandini informs Avadhoot that Nisha's acceptance for Rs. 5,000 endorsed to Nandini has been dishonoured. Noting charges amounted to Rs. 100.
(b) Dhanashri renews her acceptance to Avadhoot for Rs. 2,400 by paying Rs. 1,200 in cash and accepting a new bill for the balance plus interest at 12% p.a. for 3 months.
(c) Honagekar's acceptance to Avadhoot Rs. 6,000 retired one month before its due date at a discount of 20% p.a.
(d) Bank informs to Avadhoot that the dishonour of Shashikala's acceptance for Rs. 4,000 discounted with the bank. Noting charges amounted to Rs. 70.
(e) Avadhoot sent a bill of Pravin for Rs. 6,000 to the bank for collection.
The Balance sheet of samarth traders is as follows. The partners share profits and losses as 5 : 2 : 3,
Balance sheet as on 31st March, 2016
| Liabilities | Amt(Rs) | Assets | Amt(Rs) | |
| Capital A/cs | Plant and machinery | 16,000 | ||
| Prakash | 18,000 | Building | 20,000 | |
| Dinakar | 16,000 | Stock | 10,200 | |
| Rajan | 8,800 | Debtors | 8,400 | |
| Creditors | 10,600 | Less: R.D.D | 400 | 8,000 |
| General reserve | 7,000 | Cash in hand | 6,200 | |
| 60,400 | 60,400 |
Dinankar retired from the business on 1st April, 2016 on the following terms:
(1) The assets are revalued as under:
(a) Stock at Rs 14000
(b) Building is appreciated by 10%
(c) Reserve for doubtful debts is to be increased upto Rs 500.
(d) Plant and machinery is to be depreciated by 10%
(2) The goodwill of the retiring partner is valued at Rs 40,000 and the remaining partners decided that goodwill be written back in their new profit sharing ratio which will be 5 : 3.
(3) Dinankar is to be paid Rs 2220 in cash on his retirement and the balance is to be transferred to his loan account.
Prepare :
(1) Profit and loss Adjustment account
(2) Capital Account of partners
(3) Balance sheet of new firm
On 7th March 2016 Ram drwas a bill on Rohit for Rs 8000 at 3 months. rohit accepts it and returns to Ram. Ram then sends the bill to his bank for collection.
On due date Rohit finds himself unable to make the payment of the bill and requests Ram to renew it. Ram Agreed on the condition that Rohit should pay Rs 5000 in cash and should accept new bill for the balance at 2months with interest Rs 200. These Arrangements were carried through.
Before due date Rohit was declared as involvent and Rs 1500 colud be recovered form his private estate as first and final divident.
Give Journal Entries in the books of Ram.
Journalise the following transactions in the books of Jaydeep.
(A) Arvind renews his acceptance of Jaydeep of Rs. 7,000 with interest Rs. 500 for two months.
(B) Bank informed Jaydeep that Mahadev’s acceptance of Rs. 4,000 which was discounted and dishonoured. Bank charged noting charges Rs. 80.
(C) Hanumant informed Jaydeep that Kazi’s acceptance for Rs. 7,000 endorsed to Hanumant has been dishonoured, noting charges Rs. 85.
(D) Datta honoured his acceptance of Rs. 4,900, which was sent to bank for collection. Bank debited Rs. 100 for bank charges.
(E) Radhika retired her acceptance to Jaydeep of Rs. 9,000 by paying Rs. 8,700.
