a) Endorsed Sonali’s acceptance at 2 months for ₹6,000 in Favour of Urmila and paid cash ₹3,500 in full settlement of her account ₹10,000. b) Discounted 2 months acceptance of Surya for ₹7,800 with bank at 10% p.a. c) Bank informed that Anuradha’s acceptance of ₹4,800 which was discounted was dishonored and bank paid Nothing Charges ₹125 d) Pooja honored her acceptance of ₹16,400 which was deposited into bank for collection. Journalise the following transactions in the books of Sudha: -





Journalize the following transactions in the books of Sudha: - 

a) Endorsed Sonali’s acceptance at 2 months for ₹6,000 in Favour of Urmila and paid cash ₹3,500 in full settlement of her account ₹10,000. 

b) Discounted 2 months acceptance of Surya for ₹7,800 with bank at 10% p.a. 

c) Bank informed that Anuradha’s acceptance of ₹4,800 which was discounted was dishonored and bank paid Nothing Charges ₹125 

d) Pooja honored her acceptance of ₹16,400 which was deposited into bank for collection. 

 

Solution: 

Journal Entry 

In the Books of Sudha 

Date 

Particulars 

J.F 

Debit ₹ 

Credit ₹ 

a) 

Urmila A/c Dr. 

To Cash A/c 

To Discount A/c 

To Bills Receivable A/c 

[Being Endorsed Sonali acceptance in Favour of Urmila and paid] 

 

10,000 

 

3,500 

500 

6,000 

b) 

Bank A/c Dr. 

Discount A/c Dr. 

To Bills receivable A/c 

[Being discounted Surya acceptance with bank] 

 

7,670 

130 

 

 

7,800 

c) 

Anuradha A/c Dr. 

To Bank A/c 

[Being discounted bill dishonored and nothing charges paid by bank] 

 

4,925 

 

4,925 

d) 

Bank A/c Dr. 

To Bill Sent for Collection A/c 

[Being amount of the bill collected and credited in our bank account] 

 

16,400 

 

16,400 

 

Calculation: 
7,800*10/100*2/12 = 130 

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