Practical Problem 01 & 02
Solution:
Practical Problem 01
Journal Entry in the books of Hemant | ||||
DATE | PARTICULAR | L.F | DEBIT | CREDIT |
2020 | ||||
Jan-01 | Nitin A/c……………………………………………………………………….….Dr | 18,500 | ||
To Sales A/c | 18,500 | |||
(Being Good Sold on Credit) | ||||
Jan-01 | Bill Receivable A/c…………………………………………………………….…Dr | 18,500 | ||
To Nitin A/c | 18,500 | |||
(Being Bill Drawn and Acceptance Received from Nitin) | ||||
Mar-04 | Cash A/c………………………………………………………………………………Dr | 18,500 | ||
To Bill’s Receivable A/c | 18,500 | |||
(Being Nitin Acceptance Honoured on due Date) | ||||
Total | 55,500 | 55,500 | ||
Journal Entry in the books of Nitin | ||||
DATE | PARTICULAR | L.F | DEBIT | CREDIT |
2020 | ||||
Jan-01 | Purchase A/c……………………………………………………………..……….Dr | 18,500 | ||
To Hemant’s A/c | 18,500 | |||
(Being goods Purchase on Credit) | ||||
Jan-01 | Hemant’s A/c……………………………………………………………….…….Dr | 18,500 | ||
To Bills Payable A/c | 18,500 | |||
(Being our acceptance is Given) | ||||
Mar-04 | Bills Payable A/c………………………………………………………….……Dr | 18,500 | ||
To Cash/Bank A/c | 18,500 | |||
(Being Bill paid on Due date) | ||||
Total | 55,500 | 55,500 | ||
Dr Himant’s A/c Cr | |||||
Date | Particular | Amount | Date | Particular | Amount |
2020 | 2020 | ||||
Jan-01 | To Bills Payable A/c | 18,500 | Jan-01 | By Purchase A/c | 18,500 |
18,500 | 18,500 | ||||
Practical Problem 02
Date | Particular | L.F | Amount | Amount |
2019 | Purchase A/c…………………………………………………………………….Dr | 42,000 | ||
Sept. 6 | To Neha’s A/c | 42,000 | ||
(Being goods purchase on credit) | ||||
Sept. 6 | Neha’s A/c………………………………………………………………………..Dr | 42,000 | ||
To Bills Payable A/c | 42,000 | |||
(Being Our Acceptance Given) | ||||
Dec. 9 | Bills Payable A/c……………………………………………………………..Dr | 42,000 | ||
Noting Charges A/c…………………………………………………………Dr | 300 | |||
To Neha’s A/c | 42,300 | |||
(Being Bill Dishonored and Noting Charges Paid) | ||||
Total | 1,26,300 | 1,26,300 | ||