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