Question

On Nov. 01, 2016 Sonia drawn a bill on sunny for Rs. 15,000 for 3
months for mutual accommodation. Sunny accepts the bill and return
it to sonia. Sonia discounted the same with his bankers @ 6$\%$ p.a. The
proceeds are shared between sonia and sunny in proportion of $\frac{2}{3}rd$,
$\frac{1}{3}rd$ respectively. On the due date sonia remits his proportion to sunny
who fails to met the bill and as a result sonia has to meet it. Sunny Give
a fresh acceptance for the amount due to sonia plus interest of Rs. 100
sunny meet his second acceptance on due date. Record the necessary
journal entries in the books of sonia and sunny.

Answer 1

Journal Entries in the books of Sonia and Sunny

Explanation:

                                                     In the Books of Sonia

Bills Receivable A/c              Dr. Rs.15000

          To Sunny A/c                                 Rs.15000

(Being bill drawn on Sunny)

Bank A/c                             Dr. Rs.14775

Discounting Charges A/c  Dr. Rs.225

            To Bills Receivable A/c       Rs.15000

(Being bill discounted from bank)

Sunny A/c                      Dr. Rs.5000

         To Bank A/c         Dr. Rs.4925

          To Discounting Charges A/c        Rs.75

(Being 1/3rd bill sent)

Sunny A/c                         Dr. Rs.10000

         To Bank A/c                            Rs.10000

(Being 2/3rd of bill sent to Sunny)

Bills Payable A/c            Dr. Rs.15000

         To Bank A/c                        Rs.15000

(Being bill accepted on due date)

Bills Receivable A/c           Dr. Rs.15000

      To Sunny A/c                             Rs.15000

(Being second acceptance made)

Cash A/c            Dr. Rs.100

         To Interest A/c       Rs.100

(Being Interest received)

Bank A/c            Dr. Rs.15000

     To Bills Receivable A/c   Rs.15000

(Being amount due on B/R received)

                                         In the Books of Sunny

Journal:

Sonia A/c               Dr. Rs.15000

          To Bills Payable A/c     Rs.15000

(Being bill accepted)

Bank A/c                           Dr. Rs.4925

Discounting Charges A/c Dr. Rs.75

            To Sonia A/c                          Rs.5000

(Being 1/3rd of Bill received)

Bank A/c                Dr. Rs.10000

     To Sonia A/c                     Rs.10000

(Being 2/3rd bill received)

Sonia A/c               Dr. Rs.15000

        To Bills Receivable A/c       Rs.15000

(Being second bill accepted)

Interest A/c        Dr. Rs.100

        To Cash A/c           Rs.100

(Being Interest paid via cash to Sonia)

Bills Payable A/c            Dr. Rs.15000

           To Bank A/c                       Rs.15000

(Being bill satisfied on due date)

Answer 2

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Journal Entries in the books of Sonia and Sunny

Explanation:

                                                     In the Books of Sonia

Bills Receivable A/c              Dr. Rs.15000

          To Sunny A/c                                 Rs.15000

(Being bill drawn on Sunny)

Bank A/c                             Dr. Rs.14775

Discounting Charges A/c  Dr. Rs.225

            To Bills Receivable A/c       Rs.15000

(Being bill discounted from bank)

Sunny A/c                      Dr. Rs.5000

         To Bank A/c         Dr. Rs.4925

          To Discounting Charges A/c        Rs.75

(Being 1/3rd bill sent)

Sunny A/c                         Dr. Rs.10000

         To Bank A/c                            Rs.10000

(Being 2/3rd of bill sent to Sunny)

Bills Payable A/c            Dr. Rs.15000

         To Bank A/c                        Rs.15000

(Being bill accepted on due date)

Bills Receivable A/c           Dr. Rs.15000

      To Sunny A/c                             Rs.15000

(Being second acceptance made)

Cash A/c            Dr. Rs.100

         To Interest A/c       Rs.100

(Being Interest received)

Bank A/c            Dr. Rs.15000

     To Bills Receivable A/c   Rs.15000

(Being amount due on B/R received)

                                         In the Books of Sunny

Journal:

Sonia A/c               Dr. Rs.15000

          To Bills Payable A/c     Rs.15000

(Being bill accepted)

Bank A/c                           Dr. Rs.4925

Discounting Charges A/c Dr. Rs.75

            To Sonia A/c                          Rs.5000

(Being 1/3rd of Bill received)

Bank A/c                Dr. Rs.10000

     To Sonia A/c                     Rs.10000

(Being 2/3rd bill received)

Sonia A/c               Dr. Rs.15000

        To Bills Receivable A/c       Rs.15000

(Being second bill accepted)

Interest A/c        Dr. Rs.100

        To Cash A/c           Rs.100

(Being Interest paid via cash to Sonia)

Bills Payable A/c            Dr. Rs.15000

           To Bank A/c                       Rs.15000

(Being bill satisfied on due date)