Practical Problem 09
Solution:
Journal Entries In the books of | |||
Date | Particular | Amount | Amount |
1 | Uday A/c……………………………………………………………………………………Dr. | 31500 | |
To Sales A/c | 31500 | ||
(Being goods sold on credit @ 10% Trade discount) | |||
2 | Cash A/c……………………………………………………………………………………..DR. | 1500 | |
To Uday A/c | 1500 | ||
(Being Cash received from Uday) | |||
3 | Bills Receivable A/c………………………………………………………………………Dr. | 30,000 | |
To Uday A/c | 30,000 | ||
(Being Bill Drawn and acceptance received) | |||
4 | Uday A/c ……………………………………………………………………………………..Dr. | 30000 | |
To Bill Receivable A/c | 30000 | ||
(Being bill cancelled at the request of uday) | |||
5 | Uday A/c…………….………………………………………………………………………..Dr. | 900 | |
To Interest A/c | 900 | ||
(Being interest amount due) | |||
6 | Bill Receivable A/c ………………………………………………………………………Dr. | 30900 | |
To Uday A/c | 30,900 | ||
(Being New bill Drawn with interest and acceptance received) | |||
Total | 1,24,800 | 1,24,800 | |