Question

Arun draws a bill on Bimal for Rs. 25,000 on 10h January, 2019 for three months. Bhanu 8 accepts the bill on January, 2019 and returns the same to Arun. Arun endorsed the bill to Chirag on the same date. Chirag discounted the bill with his bank @ 12% p.a. on 14h February. On the due date, the bill is dishonored and noting charges paid by bank were Rs. 600. Pass the necessary journal entries in the books of all the parties (except bank),​

Answer 1

Manish sold goods to Kumar to the value of Rs.10,000 drawing upon him a bill for the amount payable 3 month after date. Kumar accepted the bill and returned it to Manish. On the due date, Manish presented the bill to Kumar who honoured it. Pass the Journal entries in the books of both the parties.

Manish sold goods to Kumar to the value of Rs.10,000 drawing upon him a bill for the amount payable 3 month after date. Kumar accepted the bill and returned it to Manish. On the due date, Manish presented the bill to Kumar who honoured it. Pass the Journal entries in the books of both the parties.Solution:Question 2.

Question 2.On 1stJanuary2013, A sold goods to B for Rs.5,000 and drew upon him a bill for this amount payable 3 month after date. The bill was duly accepted by B.A retained the bill due date. On the due,the bill was paid.

Question 2.On 1stJanuary2013, A sold goods to B for Rs.5,000 and drew upon him a bill for this amount payable 3 month after date. The bill was duly accepted by B.A retained the bill due date. On the due,the bill was paid.Pass the Journal entries in the books of A And B. Also, show the necessary accounts in the books of both the parties.

Question 2.On 1stJanuary2013, A sold goods to B for Rs.5,000 and drew upon him a bill for this amount payable 3 month after date. The bill was duly accepted by B.A retained the bill due date. On the due,the bill was paid.Pass the Journal entries in the books of A And B. Also, show the necessary accounts in the books of both the parties.Solution:Question 3.

Question 3.Vinod sold goods to Darbara Singh for Rs. 1,000. He drew on the latter a bill for the amount payable 3 month after date. He discounted the bill with his bankers for Rs.990. On maturity, the bill is duly met. Make the journal entries in the books of Vinod and Darbara Singh.Question 4.

Question 4.Dinesh received from Shridhar an acceptance for Rs.3,000 on 1stSeptember, 2012 at 3 month. Dines got the acceptance discounted at 9% p.a.from his bank. On the due date, Shridhar paid the required amount. Give the Journal entries in the books of Dinesh and Shridhar.

Question 4.Dinesh received from Shridhar an acceptance for Rs.3,000 on 1stSeptember, 2012 at 3 month. Dines got the acceptance discounted at 9% p.a.from his bank. On the due date, Shridhar paid the required amount. Give the Journal entries in the books of Dinesh and Shridhar.Solution:

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