# Practical Problem 12

#### SOLUTION:

 Journal Entries In the books of  Narendra Date Particular L.F Amount Amount a Bills Payable A/c…………………………………………………………………Dr 9,000 To Cash A/c 4,000 To Bills Receivable A/c 5000 (Being Upendra’s dues cleared by paying cash & endorsing a bill) b Cash A/c……………………………………………………………………………….Dr 5,940 Rebate A/c…………………………………………………………………………..Dr 60 To Bills Receivable A/c 6000 (Being Vikram’s acceptance retired with rebate) c Dilip A/c……………………………………………………………………………….Dr 12,000 To Bills Receivable A/c 12,000 (Being Bill Cancelled) Dilip A/c……………………………………………………………………………….Dr 240 To Interest A/c 240 (Being Interest Charged) Cash A/c……………………………………………………………………………….Dr 4,000 To Dilip A/c 4,000 (Being Part Payment Received) New Bills Receivable A/c…………………………………………………….Dr 8,240 To Dilip A/c 8,240 (Being New bill accepted along with interest) d Karthik A/c…………………………………………………………………………..Dr 13,140 To Bank A/c 13,140 (Being Discounted bill with Bank Dishonoured and noting charges TOTAL 52,620 52,620