a) Bank informed that Amit’s acceptance for ₹15,750 sent to bank for collection was honored and bank charges debited were ₹150. b) Nitin renewed his acceptance for ₹22,200 by paying ₹2,200 in cash along with interest on balance amount at 10% and accepted a fresh bill for the balance for 3 months. c) Dhanshri who had accepted Bharti’s bill for ₹17,500 was declared insolvent and only 40% of the amount due could be recovered from his estate. d) Discharged our acceptance to Savita for ₹9,45 by endorsing Pravin’s acceptance to us ₹9,000. Journalise the following transactions in the books of Bharati: -




Journalize the following transactions in the books of Bharati: - 
a) Bank informed that Amit’s acceptance for ₹15,750 sent to bank for collection was honored and bank charges debited were ₹150. 

b) Nitin renewed his acceptance for ₹22,200 by paying ₹2,200 in cash along with interest on balance amount at 10% and accepted a fresh bill for the balance for 3 months. 

c) Dhanshri who had accepted Bharti’s bill for ₹17,500 was declared insolvent and only 40% of the amount due could be recovered from his estate. 

d) Discharged our acceptance to Savita for ₹9,45 by endorsing Pravin’s acceptance to us ₹9,000. 

 

Solution: 
Journal Entry 
In the Books of Bharti 

Date 

Particulars 

J.F 

Debit ₹ 

Credit ₹ 

a) 

Bank A/c Dr. 

Bank Charges A/c Dr. 

To Bill Sent for Collection A/c 

[Being Amit acceptance sent to bank was honored and bank charges debited] 

 

15,600 

150 

 

 

15,750 

b) 

1 

Nitin A/c Dr. 

To Bills Receivable A/c 

[Being bill got canceled] 

 

22,000 

 

22,000 

2  

Niti A/c dr. 

To Interest A/c 

[Being interest amount due] 

 

500 

 

500 

3 

Cash A/c Dr. 

To Nitin A/c  

[Being Nitin paid part amount along with interest] 

 

2,700 

 

27,00 




4 

Bills Receivable A/c Dr. 

To Nitin A/c  

[Being acceptance received for new bill] 

 

20,000 

 

20,000 

c) 

1 

Dhanshri’s A/c Dr. 

To Bills Received A/c 

[Being bill dishonored] 

 

17,500 

 

17,500 

2 

Cash A/c Dr. 

Bad Debts A/c Dr. 

To Dhanshri A/c 

[Being 40% of the amount could be recovered] 

 

7,000 

10,500 

 

 

 

17,500 

d) 

Bills Payable A/c Dr. 

To Discount A/c 

To Bills Receivable A/c 

[Being discharged our acceptance to savita by endorsing Pravin acceptance] 

 

9,450 

 

450 

9,000

Popular posts from this blog

Sun and Moon are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give effects of Adjustments with the help of following information

Trial Balance as on 31st March, 2019   Debit Balance   Amount   Credit Balance   Amount   Land & Building   40,000  Capital A/c Sun  33,500   Moon  33,500  Furniture  18,000  Current A/c: Sun   6,000  Machinery  40,000  Sundry Creditors  25,000  (Purchased on 01/07/18)    Bank Overdraft   10,000  Goodwill  2,000  Reserve Fund  5,000  Wages  2,000  Provident Fund  5,000  Current A/c: Moon  4,000      8% Debentures  8,000      (Purchased on (01/10/18)        Providend Fund Investment  3,500      Stock of Postal stamps  500        1,18,000     1,18,000               Adjustments:   1. Partners are entitled to get salary 6,000 p.a. in additional to their profit & loss sharing.   2. Depreciation on Land & Building, Furniture & Machinery @10%, 5% and 3% respectively.    3. Interest on Capital 5% p.a.     4. Closing stock 60,743   5. Wages included 1,000 as advance given to workers.   6. Interest due but not paid 800.   7. Total Net Profit amounted to 38,113.           Solutio
Read more

CLASS 11th BOOK KEEPING & ACCOUNTANCY

Class 11 Chapter 3 - Journal Entry Solution     Class 11 Chapter 4 - Ledger Accounts   Class 11 Chapter 5 - Subsidiary Book Solution   Class 11 Chapter 6 - Bank Reconciliation Statement     Class 11 Chapter 7 - Depreciation       Class 11 Chapter 8 - Rectification of Errors Solution in Accounting Journal Entry   Class 11 Chapter 9 - Final Account of Proprietary Concern         Maharashtra board Class 11th chapter 3 Journal Entry Solutions
Read more

Class 11th Chapter 4 Ledger Solutions | Class 11 Ledger Practical Problems Solutions

Image
PRACTICAL PROBLEMS   Q.1 Give Journal entries of the following posting from the ledger account.   Q.2 Prepare necessary ledger account from the following Subsidiary Books.   Q.3 From the following Transactions prepare necessary Ledger accounts in the Books of Vinay and balance the same. Q.4 Journalise the following transactions and prepare cash account only. Q.5 Prepare Aparna's account in the books of Suparna.   Q.6. Prepare Cash A/c, Bank A/c, Purchase A/c, sales A/c and Capital A/c, and balance the same in the books of Mandanlal.   Q.7. Journalise the following transactions; post them into Ledger for February 2019.   Q.8 Journalise the following transactions and prepare ledger accounts in the books of Sanjeev.   EXERCISE   Q.6 Complete the following table.     Image by- Edaccountancy   Q.7 Put ✔️ mark for the nature of balance for the following. Image by- Edaccountancy   The practical problems presented above aim to reinforce students' understanding of ledger accounts, subsi
Read more

Student Reviews

Very helpful for getting a solution. Thank you!

I like all your posts. You have done really good work. Thank you for the information you provide; it helped me a lot.

The answers are so perfect and proper 🌝

Nice explanation in full detail is very helpful.

It's very easy to learn.

Privacy Statement: We respect student privacy and do not share any personal information. Reviews are voluntarily provided to showcase genuine appreciation for our content.