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 | ||