Karan sold goods to Suresh for ` 10,000 on 1st January, 2016. On thesame date, Karan drew a bill of exchange for two months, which wasduly accepted by Suresh. On 14th January, 2016, Karan endorsed the billto his creditor Anuj in full settlement of ` 10,200. On the due date, the billwas dishonoured and Anuj paid ` 100 as noting charges. Record thetransactions in the Journals of Karan, Suresh and Anuj.
Answers
Explanation:
hear is yours bill
Mark as brainlist answer
Following are the journal entries for this question:
(A) In the books of Karan:
1) Bill receivable a/c dr. 10,000
to Suresh 10,000
( being bill of exchange drawn on drawee and accepted by him)
2) Anuj's a/c dr. 10,200
to Bill receivable a/c 10,000
to discount received a/c 200
( being bills receivable of Suresh endorsed to Anuj)
3) Suresh dr. 10,100
to Anuj 10,100
( being bill receivable endorsed to Anuj dishonored and noting charges paid by Anuj)
(B) In the books of Suresh:
1) Karan's a/c dr. 10,000
to bills payable a/c 10,000
( being bill drawn by Karan and accepted)
2) Bills payable a/c dr. 10,100
to Karan's a/c 10,100
( being bill dishonored )
(C) In the books of Anuj:
1) Bills receivable a/c dr. 10,000
Discount allowed a/c dr. 200
to Karan's a/c 10,200
(being bill receivable received from Karan and discount allowed to him)
2) Karan's a/c dr. 10,100
to bill receivable a/c 10,000
to cash/bank a/c 100
(being bill receivable dishonored and noting charges paid.)