On 15th September, 2019 Kunal purchased goods from Kishorilal for 38,000 and Kunal gave his acceptance after sight for 60 days on 18th September, 2019 for the amount due. Kishorilal deposited the bill into bank for collection on the same day. Kunal honoured his acceptance on the due date. Bank charged 150 as bank charges.
Give journal entries in the books of Kishorilal and Kunal.
Answers
Answer:
Nahi aata answer mujhe... xD
Answer:
Journal in the books of Kishorlal:
15th Sept 2019 Kunal's A/c Dr. 38,000
To Sales A/c 38,000
(Being goods sold to Kunal on credit)
18th Sept 2019 Bills Receivable A/c Dr. 38,000
To Kunal's A/c 38,000
(being bill accepted by Kunal )
" Bank A/c Dr. 38,000
To bill sent for collection 38,000
(being bill sent to the bank for collection)
21st Nov 2019 Bill Sent For Collection A/c Dr. 38,000
Charges A/c Dr. 150
To Bank A/c 38,150
(Being bill get dishonored and bank levied charges on it)
Journal in the books of Kunal:
15th Sept 2019 Purchases a/c Dr. 38,000
To Kishorlal A/c 38,000
(Being goods purchased from Kishori Lal on credit)
18th Sept 2019 KishoriLAl A/c Dr. 38,000
To Bills Payable A/c 38,000
(being bill accepted )
21st Nov 2019 Bills Payable A/c Dr. 38,150
To Kishorilal A/c 38,150
(Being bill gets dishonored)
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