24. Nandu sold goods to Basu for Rs. 4,000 and Basu accepted a bill Brawn
by Nandu amounted to Rs. 4,000 on 1st January 2019 and payable after four
months. Nandu discounted it with banker @ 18% per annum. On the due date
bill was dishonoured. Bank paid Rs. 40 as noting charges. After one month Basu
paid the amount due to Nandu. Pass the journal entries in the books of Nandu.
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yashmita321
yashmita321
07.02.2020
Accountancy
Secondary School
+5 pts
Answered
4. Nandu sold goods to Basu for Rs. 4,000 and Basu accepted a bill
Brawn by Nandu amounted to Rs. 4,000 on 1st January 2019 and
payable after four months. Nandu discounted it with banker @ 18%
per annum. On the due date bill was dishonoured. Bank paid Rs.
40 as noting charges. After one month Basu paid the amount due to
Nandu. Pass the journal entries in the books of Nandu.
2
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COOLMUSICLOVER
COOLMUSICLOVER Ambitious
Answer:
basu a/c dr
to sales a/c
b/r a/c dr
to basu a/c
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tallinn Ambitious
Answer:
Following journal entries would be recorded
Jan 1, 2019
Basu Dr. 4000
To Sales A/C 4000
(Being goods sold to Basu recorded)
Bills Receivable A/C Dr. 4000
To Basu 4000
(Being bill received from Basu recorded)
Bank A/C Dr. 3280
Discounting Charges Dr. 720
To Bills Receivables A/C 4000
(Being bill discounted with bank @18% recorded)
On May 1, Due Date
Basu Dr. 4040
To Bills Receivables A/C 4040
(Being discounted bill dishonored with noting charges recorded)
Upon payment by Basu
No entry in the books of the drawer i.e Nandu