a) Bank informed that Aishwarya’s acceptance of ₹22,400 which was discounted had been dishonored and bank paid Nothing Charges ₹220. Bill was renewed at the request of Aishwarya for 2 months with interest of ₹480. b) Received ₹4,630 from private estate of Ankur who was declared insolvent against bill accepted by him for ₹6,000. c) Accepted a bill of ₹15,000 at 3 months drawn by Anushka for the amount due to her ₹20,000 and balance paid by cheque. d) Dishonored our acceptance to Vivek ₹ 27.000 and Nothing Charges paid by Vivek ₹700. Journalise the following transactions in the books of Mrunal: -



  Journalize the following transactions in the books of Mrunal: - 


a) Bank informed that Aishwarya’s acceptance of ₹22,400 which was discounted had been dishonored and bank paid Nothing Charges ₹220. Bill was renewed at the request of Aishwarya for 2 months with interest of ₹480. 

b) Received ₹4,630 from private estate of Ankur who was declared insolvent against bill accepted by him for ₹6,000. 

c) Accepted a bill of ₹15,000 at 3 months drawn by Anushka for the amount due to her ₹20,000 and balance paid by cheque. 

d) Dishonored our acceptance to Vivek ₹ 27.000 and Nothing Charges paid by Vivek ₹700. 

 

Solution:: 
Journal Entry  
In the Books of Mrunal 

Date 

Particulars 

J.F 

Debit ₹ 

Credit ₹ 

a) 

1 

Aishwarya’s A/c Dr. 

To Bank A/c 

[Being discounted bill dishonored] 

 

24,000 

 

24,000 

2 

Aishwarya A/c Dr.  

To Bank A/c 

[Being NothingCharges paid] 

 

220 

 

220 

3 

Aishwarya’s A/c Dr. 

To Interest A/c 

[Being due interest amount] 

 

480 

 

480 



4 

Bills Receivable A/c Dr. 

To Aishwarya A/c  

[Being new bill accepted from Aishwarya for balance amount] 

 

24,700 

 

24,700 

b) 

Cash A/c Dr. 

Bad Debts A/c dr. 

To Ankur A/c  

[Being part amount received and Ankur became insolvent] 

 

4,630 

1,370 

 

 

6,000 

c) 

Anushka’s A/c dr. 

To Bank A/c 

To Bills Payable A/c 

[Being accepted a bill for the amount due to her and balance paid by cheque] 

 

20,000 

 

5,000 

15,000 

d) 

Bills Payable A/c Dr. 

Nothing Charges A/c Dr. 

To Vivek A/c 

[Being dishonored our acceptance to Vivek and Nothing Charges paid by Vivek] 

 

27,000 

7,00 

 

 

27,700 

 

 

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