Practical Problem 15

Practical problem | Q 15 | Page 307

Journalise the following transactions in the books of Mrunal :-

a) Bank informed that Aishwarya’s acceptance of ` 24,000 which was discounted had been dishonoured

and bank paid Noting Charges ` 220. Bill was renewed at the request of Aishwarya for 2 months with interest of ` 480.

b) Received ` 4,630 from private estate of Ankur who was declared insolvent against bill accepted by him for ` 6,000.

c) Accepted a bill of ` 15,000 at 3 months drawn by Anushka for the amount due to her ` 20,000 and balance paid by cheque.

d) Dishonoured our acceptance to Vivek ` 27,000 and Noting Charges paid by Vivek ` 700.

Journal Entries In the books of Mrunal
Date	Particular	L.F	Amount	Amount
2019
a	Aishwarya A/c…………………………………………………………………………Dr		24,220
	To Bank A/c			24,220
	(Being Bill Discounted with Bank Dishonoured & noting charges paid)

	Aishwarya A/c……………………………………………………………………………..Dr		480
	To Interest A/c			480
	(Being Interest charged on balance due Amount)

	Bill Receivable A/c…………………………………………………………………..Dr		24700
	To Aishwarya A/c			24700
	(Being New bill acceptance received from Aishwarya)

b	Cash A/c……………………………………………………………………………………Dr		4,630
	Bad Debts A/c…………………………………………………………………………..Dr		1,370
	To Ankur A/c			6000
	(Being cash received from Ankur and Balance amount written off)

c	Anushka A/c……………………………………………………………………………..Dr		20,000
	To Bill Payable A/c			15000
	To Bank A/c			5000
	(Being Our acceptance and cheque given against due)

d	Bill Payable A/c………………………………………………………………………..Dr		27,000
	Noting Charges A/c….………………………………………………………………..Dr		700
	To Vivek A/c			27700
	(Being Our Acceptance dishonoured and Vivek paid noting charges)
	TOTAL		1,03,100	1,03,100