Practical Problem 04
Solutions:
Journal Entries In the books of Omprakash | ||||
Date | Particular | L.F | Amount | Amount |
2019 | ||||
Apr-15 | Pankaj’s A/c………………………………………………………………………Dr | 20,000 | ||
To Sales A/c | 20,000 | |||
(Being Good Sold on Credit) | ||||
Apr-18 | Bill Receivale A/c……………………………………………………………..Dr | 20,000 | ||
To Pankaj A/c | 20,000 | |||
(Being bill drawn and acceptence received) | ||||
Apr-20 | Jagdish A/c…………………………………………………………………………Dr | 21,000 | ||
To Bill Receivable A/c | 20,000 | |||
To Discount A/c | 1,000 | |||
(Being Pankaj’s acceptance endorsed and Discount received) | ||||
Jul-21 | Pankaj’s A/c…………………………………………………………………….Dr | 20,000 | ||
Discount A/c…………………………………………………………………….Dr | 1,000 | |||
To Jagdish’s A/c | 21,000 | |||
(Being Endorsed bill dishoured) | ||||
Total | 82,000 | 82,000 | ||
Journal Entries In the books of Pankaj | ||||
Date | Particular | L.F | Amount | Amount |
2019 | ||||
Apr-15 | Purchase A/c……………………………………………………………………….Dr | 20,000 | ||
To Omprakash’s A/c | 20,000 | |||
(Being Goods Purchased on Credit) | ||||
Apr-18 | Omprakash’s A/c………………………………………………………………Dr | 20,000 | ||
To Bills Payable A/c | 20,000 | |||
(Being Our acceptance is given) | ||||
Apr-20 | No Entry | |||
Jul-23 | Bill payable A/c……………………………………………………………….Dr | 20,000 | ||
To OmPrakash’s A/c | 20,000 | |||
(Being bill dishonored on due date) | ||||
Total | 60,000 | 60,000 | ||
Journal Entries In the books of Jagdish | ||||
Date | Particular | L.F | Amount | Amount |
2019 | ||||
Apr-20 | Bill Receivable A/c…………………………………………………………..Dr | 20,000 | ||
Discount A/c…………………………………………………………………….Dr | 1,000 | |||
To Omprakash A/c | 21,000 | |||
(Being Bill Receivable received) | ||||
Jul-21 | Omprakash A/c………………………………………………………………..Dr | 21,000 | ||
To Bill Receivable A/c | 20,000 | |||
To Discount A/c | 1,000 | |||
(Being Bills Receivable dishonoured) | ||||
Total | 42,000 | 42,000 | ||