Accountancy, asked by vijaynegisoala8704, 16 hours ago

5.On Jan 15, 2015, Kartar Sold goods for Rs.30,000 to Bhagwan and drewupon him three bills of exchanges of Rs.10,000 each payable after onemonth, two month, and three months respectively. The first bill wasretained by Kartar till its maturity. The second bill was endorsed by himin favour of his creditor Ratna and the third bill was discounted by himimmediately @ 6% p.a. All the bills were met by Bhagwan. Journalisethe above transactions in the books of Kartar and Bhagwan. Also prepareledger accounts in books of Kartar and Bhagwan.​

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Answered by chaurasiaaradhya60
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In the Books of Kartar

Journal Entries

Date Particulars LF Amt.(Dr) Amt.(Cr)

2011

Jan 15 Bhagwan Dr

To Sales A/c

(Being goods sold to Bhagwan)

30,000 30,000

Jan 15 Bills Receivable Ist A/c Dr

Bills Receivable IInd A/c Dr

Bills Receivable IIIrd A/c Dr

To Bhagwan

(Being three acceptance received each for 10,000)

10,000

10,000

10,000

30,000

Jan 15 Ratan Dr

To Bills Receivable IInd A/c

(Being IInd bill endorsed in favour of Ratan)

10,000 10,000

Jan 15 Bank A/c Dr

Discount A/c Dr

To Bills Receivable IIIrd A/c

(Being IIIrd bill discounted by the bank at the rate of 6% per annum)

9,850

150

10,000

Jan 18 Cash A/c Dr

To Bills Receivable Ist A/c

(Being payment received on maturity)

10,000 10,000

Bhagwan's Account

Date Particulars JF Amt.(Rs.) Dr. Date Particulars JF Amt.(Rs.) Cr.

2011 2011

Jan 15 To Sales A/c 30,000 Jan 15 By Bills Receivable Ist

By Bills Receivable IInd

By Bills Receivable IIIrd

10,000

10,000

10,000

30,000 30,000

In the Books of Bhagwan

Journal Entires

Date Particulars LF Amt.(Dr.) Amt.(Cr)

2011

Jan 15 Purchase A/c Dr

To Kartar

(Being goods purchased)

30,000 30,000

Jan 15 Kartar Dr

To Bills Payable Ist A/c

To Bills Payable IInd A/c

To Bills Payable IIIrd A/c

(Being three acceptances given each for 10,000)

30,000 10,000

10,000

10,000

Feb 18 Bills Payable Ist A/c Dr

To Cash A/c

(Being Ist bill paid on maturity)

10,000 10,000

Mar 18 Bills Payable IInd A/c Dr

To Bank A/c

(Being IInd bill paid on maturity)

10,000 10,000

Apr 18 Bills Payable IIIrd A/c Dr

To Bank A/c

(Being IIIrd bill met on maturity)

10,000 10,000

Kartar's Account

Date Particulars JF Amt.(Rs.) Dr. Date Particular JF Amt.(Rs.) Cr.

2011 2011

Jan 15 To Bill Payable Ist

To Bill Payable IInd

To Bills Payable IIIrd

10,000

10,000

10,000

30,000

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