Question

Journalise the following transactions on following dates in the books of Gajanan
A. On 3^rd October, 2012 Bankatlal informs Gajanan that Navnath’s acceptance of Rs 16,000 endorsed to him dishonoured and noting charges paid Rs 200.
B. On 9^th October, 2012 Vishwanath’s acceptance for 120 days of Rs 15,500 dated 24^th September, 2008 deposited into bank for collections.
C. On 11^th October 2012 Gajanan sold goods to Kartik for Rs 4,500 and received own acceptance from him, which was given to milind of Rs 4,500 and due for payment on this date.
D. 20^th October, 2012 recovered 40% of the amount due the private estate of Jyoti who declared as insolvent, against bill accepted by her for Rs 6,000 which was dishonoured on 29^th September, 2008.
E. On 21^st October, 2012 Gajanan renews his acceptance of Rs 7,500 to Pandurang by paying cheque Rs 3,500 and accepting new bill for 2 months for the balance plus interest @ 18% p.a.

Answer 1

                                           Books of Gajanan
                                             Journal Entry

Date	Particular	L.F.	Debit Amount (Rs.)	Credit Amount (Rs.)
2012 Oct.03   A.	Navnath A/c                      Dr.    To Bankatlal A/c (Navanth’s acceptance endorsed ro Bankatlal was dishonoured and noting charges incurred)		16,200	16,200
Oct.09    B.	Bill Sent for Collection      Dr.   To Bill Receivable A/c (Bill sent to bank for collection)		15,500	15,500
Oct.11     C.	Kartik A/c                          Dr    To Sales A/c (Sold goods to Kartik)		4,500	4,500
	Bills Receivable A/c            Dr    To Kartik A/c (Bill drawn and accepted)		4,500	4,500
	Milind A/c                         Dr     To Bill Receivable A/c (Bill endorsed to Milind for amount due.)		4,500	4,500
Oct.20    D.	Cash/Bank A/c                  Dr. Bad- Debts A/c                 Dr.     To Joyti A/c (Joyti became insolvent and 40% of the amount recovered from his private estate)		2,400 3,600	6,000
Oct.21    E.	Bills Payable A/c               Dr.    To Pandurang A/c (Bill cancelled for renewal)		7,500	7,500
	Interest A/c                       Dr.    To Pandurang A/c (Interest charges due on Rs 4,000@ 18% per annum for 2 months)		120	120
	Padurang A/c                   Dr.     To Bills Payable A/c     To Bank A/c (Cheque paid for Rs 3,500 and new bill has been accepted including interest charges)		7,620	4,120 3,500