Question 40.
How will you record the following transactions in the books Kapadia?
(a) A bill received from Dalpat for ₹ 1,000 has to be renewed, Dalpat agrees to pay ₹ 20 as interest.
(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.
Answers
(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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The journal entries in the books of Kapadia is shown below:
Explanation:
The journal entries in the books of Kapadia is as follows:
Dalpat A/c...........................Dr Rs 1,000
Bills Receivable A/c.......Cr Rs 1,000
Being Dalpat acceptance cancelled
Dalpat A/c.........................Dr Rs 20
Interest A/c...................Cr Rs 20
Being interest is charged
Cash A/c..............................Dr Rs 20
Dalpat A/c.......................Cr Rs 20
Being Cash (interest) received from Dalpat
Bills Receivable A/c..................Dr Rs 1,000
Dalpat A/c......................................Cr Rs 1,000
Being new bill accepted by Dalpat
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