Practical Problem 03

Practical problem | Q 3 | Page 305

Jyoti owes Rs 31,000 to Swati for which was draws a bill on Jyoti for 2 months. The bill was duly accepted by

Jyoti. Swati sends the bill to bank for collection. Jyoti honored the bill on the due date and bank charges

Rs 475 as bank charges. Give Journal Entries in the Books of Swati.

Journal Entries In the books of Swati
Date	Particular	L.F	Amount	Amount
1	Bills Receivable A/c………………………………………………………………….Dr		31,000
	To Jyoti’s A/c			31,000
	(Being Bill Drawn and acceptance Received)

2	Bill Sent to Bank for Collection A/c………………………………………..Dr		31,000
	To Bill Receivable A/c			31,000
	(Being Bill Sent to bank for Collection)

3	Bank A/c………………………………………………………………………..……….Dr		30,525
	Bank Charges A/c……………………………………………………………………Dr		475
	To Bill Sent to bank for Collection A/c			31,000
	(Being Bill Honored and Bank Charges Paid)
	Total		93,000	93,000