On 1st July 2020 Ramesh draws a bill on Suresh for Rs. 10,000 payable 3 months after date for the
amount due. Suresh accepted the same and returned it to Ramesh Ramesh gets the bill discounted with
his bank on August @ 9° pa On the due date bank returned the bill as dishonoured with noting
charges of Rs 50 Give journal entries in the books of Ramesh & Suresh
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Answers
Answer:
Date of Bill
Tenure
Calculation
Due Date
(i) December 01, 2017
60 Days
30 (December) + 30 (January) + 3 days of grace
February 02, 2018
(ii) April 30, 2018
2 Months
2 Months from April 30, 2016 would be June 30, 2016 + 3 days of grace
July 03, 2018
(iii) January 28, 2018
1 Month
1 Month from January 28, 2017 would be February 28, 2017 + 3 days of grace
March 03, 2018
(iv) November 23, 2017
2 Months
2 Months from November 23, 2016 would be January 23, 2017 + 3 days of grace
January 26, 2017, but it is a national holiday so, due date would be one day before i.e., January 25, 2017
(v) May 29, 2017
4 Months
4 Months from May 29, 2017 would be September 29, 2017 + 3 days of grace
October 02, 2017 but it is a national holiday so, due date would be one day before i.e., October 01, 2017
IN THE BOOKS OF RAMESH :
1.01.17
Suresh A/c Dr 15000
To Sales A/c 15000
(Being goods sold to Suresh. )
1.01.17
Bill's Receivable A/c Dr 15000
To Suresh A/c 15000
(Being Acceptance received from Suresh for 3 months. )
04.04.17
Suresh A/c Dr 15000
To Bill's Receivable A/c 15000
(Being Acceptance dishonored or
Bill dishonored. )
IN THE BOOKS OF SURESH:
1.01.17
Purchases A/c Dr 15000
To Ramesh A/c 15000
(Being goods purchased. )
1.01.17
Ramesh A/c Dr 15000
To Bill's Payable A/c 15000
(Being acceptance given for 3 months.)
04.04.17
Bills Payable A/c Dr 15000
To Ramesh A/c 15000
hope it helps