Question

sold to Dilip goods worth 40,000.
Recived cash 30,000 and cheque 40,000 from Dilip and cheque was seand to bank on the same day discount allowed 100
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Answer 1

Answer:

ANSWER

Journal Entries In the books of Raja

Date/ SR. No. Particular LF

Debit (Rs.) Credit (Rs.)

1 Cash a/c dr

Pradhan a/c dr

To sales a/c

(Being goods sold on cash and credit) 10000

30000

40000

2 Bills receivable a/c dr

To Bills receivable a/c dr

(Being Bill sent for bank for collection) 30000

30000

3 Bill sent for collection a/c dr

To Bills receivable a/c

(Being Bill sent for bank for collection) 30000

30000

4 Pradhans a/c dr

To Bill sent for collection a/c

(Being bill cancelled on insolvency) 30000

30000

5 Cash debts a/c dr

Bad debts a/c dr

To Pradhans a/c

(Being 50% cash recevied on prabhans in insolvency) 15000

15000

30000

160000 160000

In the Books of Raja

Pradhans A/c

Particulars Rs. Particulars Rs.

To sales a/c 30000 By Bills receivable a/c 30000

To Bill sent for Collection a/c 30000 By cash a/c 15000

By Bad debts a/c 15000

Total 60000 Total 60000