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 banks for collection. Jyoti honored the bill on the due date and bank charges ₹475 as bank charges. Give Journal Entries in the Books of Swati.




Give Journal Entries in the Books of Swati. 

 

Solution: 

Journal Entry 

In the Books of Swati (Drawer) 

Date 

Particulars 

L/F 

Debit ₹  

Credit ₹ 

1. 

Bills Receivable A/c Dr. 

To Jyoti A/c 

[Being draws a bill on Jyoti for2 months] 

 

31,000 

 

31,000 

2. 

Bill sent for collection A/c Dr. 

To Bills Receivable A/c 

[Being Bill sent for collection] 

 

31,000 

 

31,000 

3. 

Bills Receivable A/c Dr. 

To Bill sent for collection 

To Bank A/c 

[Being Jyoti honored the bill on the due date and paid bank charges]  

 

31,475 

 

31,000 

475 

 

 

 

 

 

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