Siddhant sold goods to Sudhir of ₹43,800 on 18th march, 2019. Siddhant draws a bill on Sudhir on the same day for ₹43,800 for 3 months which was duly accepted by Sudhir. Siddhant discounted the bill on the same day at 8% p.a. the bill was dishonored on the due date and Sudhir requested Siddhant to ccept ₹13,800 and interest in cash on remaianing amount at 12% p.a. Siddhant agreed and for the balance amount accepted a new bill at 2 months. Before the due date of new bill Sudhir retired the bill by paying ₹29,700. Pass necessary Journal Entries in the Books of Siddhant.
Pass necessary Journal Entries in the Books of Siddhant.
Journal Entry
In the Books of Siddhant.
Date | Particulars | L/F | Debit ₹ | Credit ₹ |
2019 |
|
|
|
|
18th march | Sudhir A/c Dr. To Sales A/c [Being sold goods to Sudhir on credit] |
| 43,800 |
43,800 |
18th March | Bills Receivable A/c Dr. To Sudhir A/c [Being drawn bill on Sudhir for 3 months] |
| 43,800 |
43,800 |
18th March | Cash/bank A/c Dr. Discount A/c Dr. To Bills receivable A/c [being bill discounted at 8%] |
| 42,924 876 |
43,800 |
21st June | Sudhir A/c dr. To Cash/bank A/c [Being discounted bill dishoroed] |
| 43,800 |
43,80 |
21st June | Cash A/c Dr. To Interest A/c To Sudhor A/c [being received cash from Sudhir] |
| 14,400 |
600 13,800 |
21st June | Bills receivable A/c Dr. To Sudhir A/c [Being dawn a new bill] |
| 30,000 |
30,000 |
| Cash/Bank A/c Dr. Rebate A/c Dr. To bills Receivable A/c [Being Sudhir paid bill] |
| 29,700 300 |
30,000
|
|
|
|
|
|
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