Discounting of Bill from the Bank
Q. 4. On 15th February 2019 I sold goods to y for 360,000. On the same day, Y
accepted a bill drawn upon him by I' for three months for 60,000. X discounted the
hill on 18th March 2019 at 15% p.a. at his bank and Y met the bill on maturity. Make
Journal entries in the books of both the parties.
Hint - Calculation of Discount :
15
60.000
1.500
100 12
Endorsement of a Bill
0.5. B owed 320,400 to A. On 15th January 2019 he accepted a bill for 20,000
for two months drawn by A in full settlement of his debt. On 18th January 2019 A
endorsed the bill to his creditor C. The bill was duly met on the date of maturity. Pass
Journal entries in the books of A, B and C.
Sending the Bill to Bank for Collection
Q. 6. On 10th January 2018 A sells goods to B for 12,000. On that date, B
ccepted a bill drawn upon him by A at two months for 12,000. A retains the bill till
date and on due date sends the bill to the Banker for collection. In due course,
selves the information from the Bank that the hill hanh
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Answer:
S. No.
Date of Bill Drawn
(1)
Period
(2)
Grace Days
(3)
Due Date
(1 + 2 + 3)
I.
February 01, 2017
2 months
3 days
April 04, 2017
II.
January 31, 2017
3 months
3 days
May 03, 2017
III.
September 30, 2017
2 months
3 days
December 03, 2017
IV.
September 30, 2017
3 months
3 days
January 02, 2018
V.
December 29, 2017
2 months
3 days
March 03, 2018
VI.
December 31, 2017
2 months
3 days
March 03, 2018
VII.
July 15, 2017
30 days
3 days
August 17, 2017
VIII.
January 27, 2016
1 month
3 days
March 01, 2016
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