Question

Vikas draws a 3 months bill on vishal for Rs. 4,000 on 1.4.2012. Vishal accepts the bill

and sends it to vikas who discounted it with the bank for Rs. 3,940 Vikas sends ¼th of the

amount that is Rs. 985 to Vishal. On the due date Vikas could not send his amount to

Vishal and Accepts a bill for Rs. 4,500 for 3 months which is discounted by Vishal for Rs.

4,440 Vishal Sends Rs. 330 to Vikas. Before the due date of the second bill, Vikas

becomes insolvent and 25 paise in a rupee was received from his estate. Give journal

entries in the books of both the parties.​

Answer 1

Answer: Bills receivables a/c   Dr      4000

                   To  Vishal's a/c                     4000

           

             Bank a/c   Dr             3940

             Discounting charges A/c  Dr    60      

                   To    bills receivables a/c              4000

          Vishal A/c     Dr         985

          Discounting charges   Dr  15

               To   Bank a/c                        1000

          Vishal A/c      Dr         4500

              To Bills payable A/c        4500

       Bank A/c     Dr         330  

       Discounting charges A/C  Dr  4    

            To  Vishal                             334

Bills payable a/c dr           4500

    To Vishal                               4500

     Vishal        Dr     833.5

         TO bank a/c       833.5

   deficiency a/c    dr    2500.5  

       to  Vishal                      2500.5

   

Above entries are the in the books of Vikas on the basis of this you can journalies entries in the books of VISHAL     .if this ans is helpful for u then plese mark it as brainest