Question

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on 2nd February 2018 Amit purchase goods from Manisha on list price rupees 50000 at 30% trade discount, Amit paid rupees 5,000 by cheque immediately and accepted a bill for the balance payable after 60 days. Manisha immediately Indores the bill in favour of her creditor Kapil, on the due date the bill was dishonoured and noting charge 100 where paid Manisha settle her depreciation to Kapil by 30100 after 10 days. Amit settled Manisha claim by a new acceptance of rupees 31000 including interest of the same amount pass the journal entry on the base of Amit, Manisha and Kapil .

Answer 1

1.Manisha a/c.....Dr 35000

To sales 35000

2.B/R.........Dr 35000

To bank 5,000

To Amit 30,000

3. Kapil a/c.......Dr 30,000

To b/r 30,0000

4.B/R a/c........Dr 30,100

To kapil 30,100

5. Interest A/C......Dr 900

To Manisha 900

6. B/R a/c...........Dr 31,000

To Mainsha A/c 31,000

(This journal entry of Drawer Amit)