Question

Journalise the following transactions on the following dates in the books of Ankur.
A. On 1^st April 2011, Kiran informs Ankur that Kajol’s acceptance of Rs 8,000 endorsed to him dishonoured and noting charges paid Rs 250.
B. On 11^th April 2011, Ankur renews his acceptance of Rs 7,400 to Amol by paying cash Rs 2,400 and accepting new bill for 2 months for the balance plus interest @ 15% p.a.
C. On 15^th April 2011, Nilima retired her acceptance to Ankur of Rs 5,700 by paying cash Rs 5,300.
 D. On 21^st April 2011, recovered Rs 50% of the amount due, from the private estate of Liladhar who declared as insolvent, against his bill of Rs 3,800 which was dishonoured by him on 29^th December 2010 and noting charges paid Rs 80.

Answer 1

                                            Books of Ankur
                                             Journal Entry

Date	Particulars	L.F.	Debit Amount (Rs.)	Credit Amount (Rs.)
2011 Apr,01     A.	Kajol                 Dr.        To Kiran A/c (Kajol's acceptance endorsed to Kiran was dishonored and noting charges incurred)		8,250	8,250
Apr.11     B.	Ankur A/c             Dr.    To Bills Receivable A/c (Bill canceled for renewal)		7,400	7,400
	Ankur A/c              Dr.    To Interest A/c (Interest charges due on Rs 5,000 @ 15% for 2 months)		125	125
	Cash A/c                Dr. Bill Receivable A/c Dr.     To Ankur  (Cash received and a new bill has been drawn and accepted including Interest charges)		2,400 5,125	7,125
Apr.15     C.	Cash A/c            Dr. Rebate A/c             Dr. To Bills Receivable A/c (Bill retired under the rebate of Rs 400)		5,300 400	5,700
Apr.21      D.	Cash/Bank A/c     Dr Bad Debts A/c    To Liladhar A/c (Liladhar became insolvent and 50% of the amount recovered from his private estate)		1,940 1,940	3,880