Question

No.7. Minal draws on Usha a bill for Rs.5,000 at 3 months. Usha accepts the bill and return it to Minal, Minal then discounts the bill
@ 12% p.a. with her bank. On maturity Usha finds her self unable to make payment of the bill and request Minal to renew the bill.
Minal accepts the proposal on condition that Usha should pay Rs. 2,000 in cash and acets a new bill at one month along with interest
@ 10% p.a. These arrangements are carried through and Usha then eretires the bill by paying RS.3,015. Pass journal entries in the
books of Minal.
P.No.8. Mahendra sold goods to Ravindra for Rs.6.000. Ravindra accepted Mahendra's bill for RS.6,000 payable after 3 months.
After a month Mahendra discounted the bill with his bank @ 10% p.a. On due date Ravindra dishonoured his acceptance. Ravindra
paid Rs.3,000 to Mahendra and accepted a fresh bill for 3 months for the balance including interest @ 8% p.a. Before the maturity of
the bill Ravindra became insolvent and 50 paise in a Rupees were received from Ravindra as first and final dividend from his estate.
Journal entries in the books of Minal
P.No.9. Mukand owes Prakash Rs.4000 for which Prakash draws a bill for 2 months on 1/2/07. Mukund accepts it and returns to
Prakash on 4th March 2007 Mukund approaches Prakash and request him to accept Rs.1,000 in cash and draw a fresh bill for 3 months
for the balance plus interest @ 10% p.a. Prakash accepts the request and draw a bill accordingly which was accepted by Mukund on 15
June 2007. Mukund reteirs his acceptance under a discount of Rs.30. Pass journal entries in books of Prakash & prepare Prakash
Ale in the books of Mukund.
44b
P.No.10. On 15 January 2008 Vandana drawn a bill for Rs.6,000 for 2 months period on Lata. Lata duly accepted the bill on
January 2008 Vandana discounted the bill with her bank for Rs.5,850. However an due date the bill was dishonoured. Lata has agreed
to accept new bill with interest of Rs.100 for one month period. This bill was duly met on the date. Give journal entries in the books
of Vandana and show Vandana's account in the books of Lata.
P.No.11. Bhagwan sold goods to Deo for Rs.3,000 on the same date Deo accepted a bill for 2 months. Bhagwan endorsed the bill to
Ishwar on due date of the bill Ishwar informaed to Bhagwan that the bill is dishonoured and noting charges paid were Rs.20/-
Bhagwan drew a new bill on Deo for the amount due including noting charges and interest Rs.130. Before the due date of the same
bill. Deo became bankrupt and 20 paise in a rupees were received from his estate as first and final dividend. Pass journal entries in
the books of Bhagwan.
P.No.12. Abhay draws a bill on Ajay for Rs.1,400 at 3 months. Ajay accepts the bill and returns it to Abhay. The bill is sent to bank
for collection. On maturity Ajay finds himself unable to make payment of the bill and requests to Abhay to renew it. Abhay accepts
the proposal on the condition that Ajay should pay Rs.700 in cash along with noting charges Rs. 10 and drawn new bill at one month
for the balance. These arrangements were carried through. Afterward Ajay retired the bill by paying Rs.695. Give journal entries and
Abhay's A/c in the books of Abhay.
P.No.13. Ameet draws a bill for rs.7,500 on Tushar for 4 months. Ameet discount the bill with his bankers @ 8% p.a. on the same
day. On the due date of the bill Tushar requested Ameet to accept Rs.4,7cc (including interest Rs.200) and to draw a new bill for the
balance for 3 months Before due date of a new bill Tushar retires the bill for Rs.2,960. Pass journal entries in the books of
Tushar's and even Tushar's account in the books of Ameet.​

Answer 1

Answer:

60

Step-by-step explanation: