Question

Question 36.
Amar sells goods to Bhola for ₹ 10,000 and draws upon him a bill for the amount payable 3 months after date. The bill is accepted by Bhola. Amar discounts the bill with his bankers at a discount of ₹ 150 inclusive of all charges. Bhola fails to meet this bill on maturity. Amar pays off his banker and his expenses amounting to ₹ 100. Bhola gives a fresh bill, 2 months date to Amar for ₹ 10,250, which he met at maturity.
Show the necessary Journal entries in Amar’s books.

Answer 1

(b) Swamy’s bill for ₹ 800 endorsed in favour of Ghosh dishonoured, Ghosh pays ₹ 10 as noting charges. Swamy pays ₹ 300 immediately and agrees to accept a new bill for 3 months for the balance together with interest at 6% p.a. Ghosh’s Account is settled by cheque

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Answer 2

The journal entries in the books of Amar is shown below:

Explanation:

The journal entries in the books of Amar is as:

Bhola A/c.................................. Dr  Rs 10,000

     Sales A/c................................Cr   Rs 10,000

Being goods sold to Bhola

Bills Receivable A/c.........................Dr  Rs 10,000

           Bhola A/c....................................Cr   Rs 10,000

Being bill acceptance by Bhola

Bank A/c...................................Dr  Rs 9,850

Discounting Charges A/c......Dr  Rs 150

         Bills Receivable A/c...............Cr Rs 10,000

Being Bhola discounted the bill with bank

Bhola A/c.................................Dr Rs 10,100

          Bank A/c............................Cr  Rs 10,000

Being Bhola acceptance got dishonoured

Bank A/c.................................Dr Rs 10,100

       Cash A/c.............................Cr  Rs 10,100

Being payment made to bank along with noting charges

Bhola A/c...................................Dr  Rs 150

     Interest A/c............................Cr  Rs 150

Being interest due with Bhola

Bills Receivable A/c.........................Dr  Rs 10,250

           Bhola A/c....................................Cr   Rs 10,250

Being new bill accepted by Bhola along with interest and noting charges

Cash A/c.....................................Dr Rs 10,250

   Bills Receivable A/c...................Cr  Rs 10,250

Being amount received

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