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. 

Solution: 

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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