a) Narendra retires his acceptance to Upendra by paying ₹4,000 in cash and endorsing a bill accepted by Ramalal for ₹5,000. b) Vikram’s acceptance to Narendra for ₹6,000 retired one month before the date at rebate of 12% p.a. c) Dilip renews his acceptance to Narendra for ₹12,000 by paying ₹4,000 in cash and accepting a fresh bill for the balance plus interest at 12% p.a. for 3 months. d) Bank informed Narendra that, Kartik’s acceptance for ₹13,000 to Narendra, discounted with the bank was dishonored and Nothing Charges paid by bank ₹140. Journalise the following transactions in the books of Narendra: -
Journalize the following transactions in the books of Narendra: -
a) Narendra retires his acceptance to Upendra by paying ₹4,000 in cash and endorsing a bill accepted by Ramalal for ₹5,000.
b) Vikram’s acceptance to Narendra for ₹6,000 retired one month before the date at rebate of 12% p.a.
c) Dilip renews his acceptance to Narendra for ₹12,000 by paying ₹4,000 in cash and accepting a fresh bill for the balance plus interest at 12% p.a. for 3 months.
d) Bank informed Narendra that, Kartik’s acceptance for ₹13,000 to Narendra, discounted with the bank was dishonored and Nothing Charges paid by bank ₹140.
Date | Particulars | J.F | Debit ₹ | Credit ₹ |
a) | Bills Payable A/c Dr. To Cash A/c To Bills Receivable [Being Upendra’s paid the bill and endorsed a bill] |
| 9,000 |
4,000 5,000 |
b) | Cash A/c Dr. Rebate A/c Dr. To Bills Receivable A/c [Being Vikram accepted retired with rebate] |
| 5,940 60 |
6,000 |
c) 1 | Dilip A/c Dr. To Bills Receivable A/c [Being bill canceled] |
| 12,000 |
12,000 |
2 | Cash A/c Dr. To Dilip A/c [Being Dilip paid cash] |
| 4,000 |
4,000 |
3 | Dilip A/c Dr. To Interest A/c [Being interest at 12% for 3 months due] |
| 240
|
240 |
4 | Bills Receivable A/c Dr. To Dilip A/c [Being drawn a fresh bill for the balance] |
| 8,240 |
8,240 |
d) | Kartik A/c Dr. To Bank A/c [Being bill accepted by Kartik was dihonored and Nothing Charges paid by Bank] |
| 13,140 |
13,140 |
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