Practical Problem 11
SOLUTION:
Journal Entries In the books of Abhishek | ||||
Date | Particular | L.F | Amount | Amount |
a. | Vineet’s A/c …………………………………………………………………………….Dr | 23,430 | ||
To Siddhant A/c | 23,430 | |||
(Being Endorse bill Dishonored and noting charges payable) | ||||
b. | Kajal’s A/c ………………………………………………………………………………..Dr | 39,000 | ||
To Bill receivable A/c | 39,000 | |||
(Being Bill Cancelled on request of kajal) | ||||
Kajal’s A/c ……………………………………………………………………………….Dr | 1,035 | |||
To Interest A/c | 1,035 | |||
(Being Interest Charged on Balance Due) | ||||
Cash A/c …………………………………………………………………………………Dr | 3,000 | |||
To Kajal’s A/c | 3,000 | |||
(Being Part Payment Received) | ||||
New Bill Receivable A/c…………………………………………………..……Dr | 37,035 | |||
To Kajal’s A/c | 37,035 | |||
(Being New bill drawn and acceptance received) | ||||
c. | Bank A/c ………………………………………………………………………………Dr | 22,250 | ||
Discount /Rebate A/c ………………………………….…………………….Dr | 750 | |||
To Bill Receivable A/c | 23,000 | |||
(Being bill Retired before due Date) | ||||
d. | Bank for collection A/c ………………………………………………………Dr | 9,000 | ||
To Bill Receivable A/c | 9,000 | |||
(Being Subodh Acceptance sent to bank for collection ) | ||||
Subodh A/c ……………………………………………………………………………Dr | 9,000 | |||
To Bank for collection A/c | 9,000 | |||
(BEING BILL SENT to Bank for COLLECTION DISHOURED) | ||||
Total | 1,44,500 | 1,44,500 | ||