a) Siddhant informs Abhishek that Vineet’s acceptance for ₹23,000 endorsed to Siddhant has been dishonored. Nothing Charges amounted to ₹430. b)Kajal renews her acceptance to Abhishek for ₹39,000 by paying ₹3,000 in Cash and accepting a fresh bill for the balance along with interest at 11.5% p.a. for 3 months. c) Radhika retired her acceptance to Abhishek for ₹23,000 by paying ₹22,250 by cheque. d) Abhishek sent a bill of Subodh for ₹9,000 to bank for collection. Bank informed that the bill has been dishonored by Subodh. Journalise the following transactions in the books of Abhishek: -




Journalize the following transactions in the books of Abhishek: - 


a) Siddhant informs Abhishek that Vineet’s acceptance for ₹23,000 endorsed to Siddhant has been dishonored. Nothing Charges amounted to ₹430. 


b)Kajal renews her acceptance to Abhishek for ₹39,000 by paying ₹3,000 in Cash and accepting a fresh bill for the balance along with interest at 11.5% p.a. for 3 months. 

c) Radhika retired her acceptance to Abhishek for ₹23,000 by paying ₹22,250 by cheque. 



d) Abhishek sent a bill of Subodh for ₹9,000 to bank for collection. Bank informed that the bill has been dishonored by Subodh. 

 

Solution: 

Journal Entries  

In the Books of Abhishek 

Date 

Particulars 

J.F 

Debit ₹ 

Credit ₹ 

a) 

Vineet’s A/c Dr. 

To Siddhant’s A/c 

[Being Vineet acceptance endorsed to Siddhant dishonored and Nothing charges] 

 

23,430 

 

23,430 

b) 

1. 

Kajal A/c Dr. 

To Bills Receivable A/c 

[Being bill got cancel] 

 

39,000 

 

39,000 

2. 

Cash A/c Dr. 

To Kajal  

[Being cash received from Kajal]     

 

3,000 

 

3,000 

 

3. 

Kajal A/c Dr. 

To Interest A/c 

[Being interest amount due]  

 

1,035 

 

1,035 

 

4. 

New Bill Receivable A/c Dr. 

To Kajal A/c 

[Being new bill drawn and acceptance received]  

 

37,035 

 

37,035 

c) 

Bank A/c Dr. 

Rebate A/c Dr. 

To Bills Receivable A/c 

[Being Radhika retired her acceptance] 

 

22,250 

750 

 

 

23,000 

d) 

1 

Bills Sent for collection A/c Dr. 

To Bills Receivable A/c 

[Being Bill send for collection] 

 

9,000 

 

9,000 

2 

Subodh’s A/c Dr. 

To Bill Sent for collection A/c 

[Being Subodh’s acceptance dishonored] 

 

9,000 

 

9,000 

 


Calculation: 
Interest = 36,000 * 3/12 * 11.5/100 =1,035 

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