Practical Problem 05

                                                                                                                              Journal Entries In the books of Siddhant

Date

Particular

L.F

Amount

Amount

2019

Mar-18

Sudhir’s A/c…………………………………………………………………………………………..Dr

43,800

          To Sales A/c

43,800

(Being Goods Sold On Credit)

Mar-18

Bill Receivable A/c ……………………………………………………………………………..Dr

43,800

        To Sudhir’s A/c

43,800

(Being bill drawn and acceptance received)

Mar-18

Cash A/c ……………………………………………………………………………………………..Dr

42,924

Discount A/c ………………………………………………………………………………………Dr

876

              To Bill Receivable A/c

43,800

(Being Sudhir Acceptance dishcounted with Bank)

Jun-21

Sudhir A/c …………………………………………………………………………………………..Dr

43,800

            To Cash/Bank A/c

43,800

(Being Sudhir Acceptance Dishonoured on due Date)

Jun-21

Sudhir’s A/c…………………………………………………………………………………………Dr

600

           To Interest A/c

600

(Being interest charged for balance due for 2 month from sudhir)

Jun-21

Cash A/c …………………………………………………………………………………………….Dr

14,400

          To Sudhir’s A/c

14,400

(Being Cash Received along with interest)

Jun-21

New Bill Receivale A/c …………………………………………………………………….Dr

30,000

             To Sudhir’s A/c

30,000

(Being Sudghir Acceptance Received for New Bill)

Cash/Bank A/c………………………………………………………………………………………Dr

29,700

Rebate A/c…………………………………………………………………………………………..Dr

300

            To New Bill Receivable A/c

30,000

(Being before due date, Sudhir’s retired the bill with Discount)

Total

2,49,600

2,49,600