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प्रश्न
Journalise the following transactions in the books of Sudha:-
a) Endorsed Sonali’s acceptance at 2 months for ₹ 6,000 in favour of Urmila and paid cash ₹ 3,500 in full settlement of her account ₹ 10,000.
b) Discounted 2 months acceptance of Surya for ₹ 7,800 with bank at 10% p.a.
c) Bank informed that Anuradha’s acceptance of ₹ 4,800 which was discounted was dishonoured and bank paid Noting Charges ₹ 125.
d) Pooja honoured her acceptance of ₹ 16,400 which was deposited into bank for collection.
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उत्तर
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In the books of Sudha Journal Entries |
||||
| Date | Particulars | L.F | Debit (₹ ) | Credit (₹ ) |
| (a) | Urmila’s A/c Dr. | 10,000 | ||
| To Cash A/c | 3,500 | |||
| To Discount A/c | 500 | |||
| To Bills Receivable A/c | 6,000 | |||
| (Being Sonali’s acceptance endorsed in favour of Urmila with cash to clear her debt) | ||||
| (b) | Bank A/c Dr | 7,670 | ||
| Discount A/c Dr | 130 | |||
| To Bills Receivable A/c | 7,800 | |||
| (Being discounted Surya’s acceptance with bank) | ||||
| (Hint : `7,800 xx 10/100 xx2/12` = ₹ 130) | ||||
| (c) | Anuradha’s A/c Dr. | 4,925 | ||
| To Bank A/c | 4,925 | |||
| (Being discounted bill dishonoured and noting charges paid by bank) | ||||
| (d) | Bank A/c Dr | 16,400 | ||
| To Bill Sent for Collection A/c | 16,400 | |||
| (Being amount of the bill collected and credited in our bank account) | ||||
| 39125 | 39125 | |||
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संबंधित प्रश्न
Give one word/phrase/term which can substitute the following statement:
Fees charged by Notary Public for getting the fact of dishonour noted.
Give one word/phrase/term which can substitute the following statement:-
Officer appointed by government for noting of dishonour of bill.
Ganesh draws a bill for ₹ 40,260 on 15th Jan. 2020 for 50 days. He discounted the bill with Bank of India @15% p.a. on the same day. Calculate the amount of discount.
Shefali Traders drew a bill on Maya for ₹ 30,000 on 1st Oct. 2019 payable after 3 months. Calculate amount of discount in the following cases:
i) Shefali Traders discounted the bill on the same day @ 12% p.a.
ii) Shefali Traders discounted the bill on 1st Nov. 2019 @ 12% p.a.
iii) Shefali Traders discounted the bill on 1st Dec. 2019 @ 12% p.a.
Nitin renewed his acceptance for ₹ 72,000 by paying ₹ 22,000 in cash and accepting a new bill for the balance plus interest @ 18% p.a. for 4 months. Calculate the amount of new bill.
A bill of ₹ 16,000 was drawn by Keshav on Gopal on 12th June 2019 for 2 months. What will be the due date, if all of sudden, the legal due date is declared as an emergency holiday?
On 1st Jan. 2020 Hemant sold goods of ₹ 18,500 to Nitin. On the same date, Hemant drew a bill of exchange for ₹ 18,500 at 2 months. On the due date, the bill was duly honoured.
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Pankaj purchased goods of ₹ 20,000 from Omprakash on credit on 15th April 2019. Omprakash draws After Sight bill for the amount due on Pankaj for 3 months, which was accepted by Pankaj on 18th April, 2019. On 20th April, 2019 Omprakash endorsed the bill to his creditor Jagsish in full settlement of his amount ₹ 21,000. On the due date, the bill was dishonoured by Pankaj.
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Pass necessary Journal Entries in the Books of Siddhant.
Sangeeta accepted a bill for ₹ 18,000 drawn by Geeta at 3 months. Geeta discounted the bill for ₹ 17,400. Before the due date Sangeeta approached Geeta for renewal of the bill. Geeta agreed on the condition that Sangeeta should pay ₹ 6,000 immediately and for the balance, she should accept a new bill for 4 months along with interest ₹ 550. The arrangements were carried through. But on the due date of new bill Sangeeta became insolvent and 35 paise in a rupee could be recovered from her estate.
Give Journal Entries in the Books of Sangeeta and prepare Sangeeta’s account in the books of Geeta.
Priyanka owed Meena ₹ 18,000, Priyanka accepted a bill drawn Meena for the amount at 4 months. Meena endorsed the same bill to Sagar. Before due date Priyanka approached Meena for renewal of bill. Meena agreed on condition that ₹ 6,000 be paid immediately together with interest on the remaining amount of 8 % p. a. for 3 months and Priyanka should accept a new bill for the balance amount. These arrangements were carried through. However, before the due date, Priyanka became insolvent and only 50 % of the amount could be recovered from her estate.
Give Journal Entries in the Books of Meena.
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Sagar drawn an after sight bill on 21st Nov. 2019 for ₹ 21,000 at 3 months on Prasad. The bill is discounted by Sagar at 8 % p. a. with his bank. On maturity, Prasad finds himself unable to make payment of the bill and requests Sagar to renew it. Sagar accepts the request and draws a new bill at one month for ₹ 21,750 including interest which was duly accepted by Prasad. Sagar deposits the bill into bank for the collection. Prasad honours the bill on the due date and Bank charges ₹ 250 as Bank Charges.
Pass necessary Journal Entries in the Books of Sagar and prepare Sagar’s account in the books of Prasad.
Uday purchased goods from Shankar on credit for ₹ 35,000 at 10 % Trade discount. Uday paid ₹1,500 immediately and for the balance accepted a bill for 3 months. Before the due date, Uday approached Shankar with a request to renew the bill. Shankar agreed but with condition that Uday should accept a new bill for 3 months including interest at 12 % p.a.
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Journalise the following transaction in the books of Abhishek:-
a) Siddhant informs Abhishek that Vineet’s acceptance for ₹ 23,000 endorsed to Siddhant has been dishonoured. Nothing Charges amounted to ₹ 430.
b) Kajal renews her acceptance to Abhishek for ₹ 39,000 by paying 3,000 in cash and accepting a fresh bill for the balance along with interest at 11.5 % p.a. for 3 months.
c) Radhika retired her acceptance to Abhishek for ₹ 23,000 by paying ₹ 22,250 by cheque.
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Journalise the following transactions in the books of Narendra: -
a) Narendra retires his acceptance to Upendra by paying ₹ 4,000 in cash and endorsing a bill accepted by Ramlal for ₹ 5,000.
b) Vikram’s acceptance to Narendra ₹ 6,000 retired one month before the due date at rebate of 12% p.a.
c) Dilip renews his acceptance to Narendra for ₹ 12,000 by paying ₹ 4,000 in cash and accepting a fresh bill for the balance plus interest at 12% p.a. for 3 months.
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Journalise the following transactions in the books of Bharti:-
a) Bank informed that Amit’s acceptance for ₹15,750 sent to bank for collection was honoured and bank charges debited were ₹ 150.
b) Nitin renewed his acceptance for ₹ 22,200 by paying ₹ 2,200 in cash along with interest on balance amount at 10% and accepted a fresh bill for the balance for 3 months.
c) Dhanshri who had accepted Bharti’s bill for ₹ 17,500 was declared insolvent and only 40% of the amount due could be recovered from his estate.
d) Discharged our acceptance to Savita for ₹ 9,450 by endorsing Pravin’s acceptance to us ₹ 9,000.
Journalise the following transactions in the books of Mrunal:
a) Bank informed that Aishwarya’s acceptance of ₹ 24,000 which was discounted had been dishonoured and bank paid Noting Charges ₹ 220. Bill was renewed at the request of Aishwarya for 2 months with interest of ₹ 480.
b) Received ₹ 4,630 from private estate of Ankur who was declared insolvent against bill accepted by him for ₹ 6,000.
c) Accepted a bill of ₹ 15,000 at 3 months drawn by Anushka for the amount due to her ₹ 20,000 and balance paid by cheque.
d) Dishonoured our acceptance to Vivek ₹ 27,000 and Noting Charges paid by Vivek ₹ 700.
Journalise the following transactions in the books of Apoorva.
- Prashant’s acceptance for 60 days ₹ 12,750 deposited into bank for collection.
- Apoorva sold goods to Kirti for ₹ 20,000 and received her acceptance for the same amount for 2 months. The bill was endorsed to Rekha.
- Received 30% of the amount due from the private estate of Mukta who was declared insolvent. Mukta had dishonoured her acceptance of ₹ 23,850 and noting charges paid were ₹ 150.
- Apoorva renews her acceptance of ₹ 36,000 to Anuradha by paying cheque of ₹ 6,000 and accepting a new bill for 2 months for balance along with interest @ 14.5% p. a.
Give one word/phrase/term which can substitute the following statement:
Conversion of Bill of Exchange into its present value.
Give one word/phrase/term which can substitute the following statement:-
Conversion of Bill of Exchange into its present value
Anshu purchased goods of ₹ 36,000 from Kavya on credit on 15th April, 2023. Kavya draws After Sight Bill for the amount due on Anshu for 3 months which was accepted by Anshu on 18th April, 2023. On 20th April, 2023 Kavya endorsed the bill to his creditor John in full settlement of his amount ₹ 37,800. On the due date the bill was dishonoured by Anshu.
Give Journal Entries in the books of Kavya, Anshu and John.
Noting charges are borne by ______.
Malay drawn an after sight bill on 21st Nov, 2022 for ₹ 26,250 at 3 months on Malay. The bill is discounted by Malay at 8% p.a. with his bank. On maturity Malay finds himself unable to make payment of the bill and requests Malay to renew it. Malay accepts the request and draws a new bill at one month for ₹ 27,188 including interest which was duly accepted by Malay. Malay deposits the bill into bank for the collection. Malay honours the bill on the due date and bank deducted ₹ 313 as bank charges.
Pass necessary journal entries in the books of Malay.
Mitali accepted a bill for ₹ 36,000 drawn by Manoj at 3 months. Manoj discounted the bill for ₹ 34,800. Before the due date Mitali approached Manoj for renewal of the bill. Manoj agreed on the condition that Mitali should pay ₹ 12,000 immediately and for the balance she should accept a new bill for 4 months along with interest ₹ 1,100. The arrangements were carried through. But on the due date of new bill, Mitali became insolvent and 35 paise in a rupee could be recovered from her estate.
Give journal entries in the books of Mitali.
Find the odd one:
Journalise the following transactions in the books of Mr. Arvind.
- Bank informed that Sam’s acceptance for ₹ 30,000 sent to bank for collection has been honoured and bank charges debited ₹ 200.
- Arun informed Arvind that Neena’s acceptance for ₹ 25,000 endorsed to Arun has been dishonoured. Noting charges paid by Arun amounted to ₹ 400.
- Bank informed that Jay’s acceptance of ₹ 35,000 which was discounted with bank was dishonoured, bank paid noting charges ₹ 500.
- Arvind sold goods to Sagar for ₹ 20,000 on credit and drew a bill for two months on Sagar for the same amount.
- Neeta retired her acceptance to Arvind of ₹ 16,500 by paying cash ₹ 16,000.
Give one word/phrase/term which can substitute of the following statement:
Conversion of Bill of Exchange into its present value.
Give one word/phrase/term which can substitute the following statement:
Conversion of Bill of Exchange into its present value.
