2. P draws on Q three bills of exchange for Rs. 15,000, Rs. 12,000 and Rs. 9,000 respectively for goods sold to him on 1st February, 2013. These bills were for a month, 2 months and 3 months, respectively The first bill was endorsed to his creditor R. The second bill was discounted with his bank on 4th February 2013 @12% per annum discount and the third bill was sent to his bank for collection on 30th April. On the due dates, all the bills were duly met by Q. The bank sent the collection advice for the third bill after deducting Rs. 75 as collection charges. Pass the journal entries in the books of P and Q.
Answers
Answer:
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Answer:
Date Particulars L/F Debit
Amount
(Rs)
Credit
Amount
(Rs)
2015
Feb 1 Q’s A/c
To Sales A/c
(Being goods sold on credit)
Dr 36,000 36,000
Feb 1 Bills Receivable (No. 1) A/c
Bills Receivable (No. 2) A/c
Bills Receivable (No. 3) A/c
To Q’s A/c
(Being the acceptances received)
Dr
Dr
Dr
15,000
12,000
9,000
36,000
Feb 1 R’s A/c
To Bills Receivable (No. 1) A/c
(Being the bill endorsed in favour of creditor, R)
Dr 15,000 15,000
Feb 4 Bank A/c
Discounting Charges A/c
To Bills Receivable (No. 2) A/c
(Being the bill discounted with the bank)
Dr
Dr
11,760
240
12,000
Apr 30 Bills Sent for Collection A/c
To Bill Receivable (No. 3) A/c
(Being the bill sent to the bank for collection)
Dr 9,000 9,000
May 4 Bank A/c
Bank Charges A/c
To Bills Sent for Collection A/c
(Being the bill collected by the bank and collection charges deducted)
Dr
Dr
8,925
75
9,000
Total 1,17,000
======
1,17,000
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Explanation:
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