Following was the position of debtor and creditor of Gautam as
on 1.1.2017.
[tex]
\begin{tabular}{c c c}\\
\begin{center} \\
& Debtors & Creditors \\
& Rs. & Rs. \\
Babu & 5,000 & - \\
Chanderkala & 8,000 & - \\
Kiran & 13,500 & - \\
Anita & 14,000 & - \\
Anju & - & 5,000 \\
Sheiba & - & 12,000 \\
Manju & - & 6,000
\end{center}
\end{tabular}
[/tex]
The following transactions took place in the month of Jan 2017:
Jan 2
Drew on Babu at two months after date at full settlement for Rs.4,800.
Babu accepted the bill and returned it on 5.1.2017 .
Jan. 04
Babu’s bill discounted for Rs.4,750.
Jan. 08
Chanderkala sent a promissory note for Rs.8,000 payable three months
after date.
Jan. 10
Promissory note received from Chanderkala discounted for Rs.7,900.
Jan. 12
Accepted Sheiba draft for the amount due payable two months after
date.
Jan. 22
Anita sent his promissory note payable after two months.
Jan. 23
Anita’s promissory note endorsed in favour of Manju.
Jan. 25
Accepted Anju’s draft payable after three months.
Jan. 29
Kiran sent Rs.2,000 in cash and a promissory note for the balance payable
after three months.
Record the above transactions in the proper subsidiary books.
Answers
Answer:
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Answer:
Explanation:
Bills receivable book
01 / date of bill jan 02 / date received jan 05 / from whom Babu/ Drawer whom received self/ Acceptor Babu/ Term payable 2 months / Due date march 05/ Amount 4800/
Bills payable book
01 / date of bill jan 12 / To whom sheiba/ Drawer sheiba/ Term 2 months / Due date march 15/ Amount 12000/
02/ date of bill jan 25 / To whom Anju/ Drawer Anju / Term 3 months / Due date march 28/ Amount 500/
Total = 17000
Journal
Discount allowed a/c 200
To Babu A/c 200
Discount A/c 50
To Bills receivable 50
Bills receivable A/c 8000
To chandrekala 8000
Discount A/c 100
To bills receivable A/c 100
Bills receivable a/c 14000
To Anita A/c 14000
Manju A/c 14000
To bills receivable 14000
Bills receivable A/c 11500
To Kiran's a/c 11500