Question

Ashok sold goods to Susheem for Rs. 2,00,000 on 1st July 2015. Susheem immediately accepted the bill for Rs. 1,20,000 only for the 3 month and send the balance by a Cheque. A discounted the bill with his bank on 4 August 2015 at 5% p.a. On the due date, the bill was Material downloaded from myCBSEguide.com. 12 / 12 dishonoured, bank paying Rs. 500 as noting charges. Susheem paid cash Rs. 40,000 and accepted another bill for the due amount for the furher period of 2 months
together with interest at 10% p.a. On due date bill was honoured. Give journal Entries in the books of Ashok &Susheem.​

Answer 1

Answer:

in books of Ashok

1july Susheem Dr. 200000

To sales a,/c. 200000

1july bank account Dr 80000

B/R account. Dr. 120000

To Susheem. 200000

4aug bank account Dr 119000

discount charge Dr 1000

To B/R account. 120000

4oct. Susheem. Dr 120500

To bank account. 120500

4oct. cash account. Dr. 40000

To Susheem. 40000

4oct. Susheem. Dr. 1342

To interest a/c. 1342

4oct. B/R. account. Dr. 81842

To Susheem. 81842

7dec. bank account. Dr. 81842

To B/R account. 81842

in books of Susheem

1st July purchase a/c. Dr 200000

To Ashok. 200000

1st July. Ashok. Dr. 200000

Tobank a/c. 80000

To B/P a/c. 120000

4oct. B/P a/c. Dr 120000

Noting charges Dr. 500

To Ashok. 120500

4oct Ashok. Dr. 40000

To cash a/c. 40000

4oct. Interest a/c. Dr. 1342

To Ashok. 1342

4oct. Ashok. Dr 81842

To B/P. 81842

4dec. B/P a/c. Dr. 81842

To bank a/c. 81842