Question

On 1^st August, 2010 Swapnali sold goods to Swapnil on credit for Rs 20,000. And drew two bills of 60% and 40% of the amount due from Swapnil for 3 and 4 months period respectively. Swapnil accepted and return it to Swapnali immediately. On 1^st September 2010 Swapnali send 3 months acceptance to her bank for collection and discounted 4 months acceptance with her bank @ 18% p.a.

On the due date of the respective bills Swapnil honoured 3 months acceptance for which bank debited Rs 50 as bank charges. On due date of 4 months acceptance Swapnil dishonoured for which Swapnali’s bank paid nothing charges Rs 100.
 
Pass the journal entries in the books of Swapnali and prepare Swapnil’s account in her ledger.

Answer 1

                                            Books Of Swapnali
                                               Journal Entry

Date	Particular	L.F.	Debit Amount Rs.	Credit Amount Rs.
2010 Aug.01	Swapnil A/c                       Dr.    To Sales A/c  (Goods sold to Swapnil on Credit)		20,000	20,000
Aug.01	Bills Receivable A/c           Dr. Bills Receivable A/c           Dr.      To Swapnil A/c (Bill accepted by Swapnil)		12,000 8,000	20,000
Sept.01	Bill Sent for Collection A/c  Dr.     To Bill Receivable A/c  (Bill sent for Collection to bank)		12,000	12,000
Sept.01	Bank A/c                           Dr. Discount A/c                     Dr.     To Bill Receivable A/c (Bill discounted with bank at 18% per annum before 3 months)		7,640 360	8,000
Nov.04	Bank A/c                            Dr     To Bill Sent for Collection A/c (Bill sent for collection honoured on maturity date)		12,000	12,000
Nov.04	Bank Charges A/c                Dr     To Bank A/c   (Bank Charges Paid)		50	50
Dec.04	Swapnil A/c                          Dr.     To Bank A/c (Discounted bill dishonoured on maturity date and noting charges paid by bank)		8,100	8,100

                                            Swapnil's Account
Dr.                                                                                                         Cr.

Date	Particulars	J.F.	Amount (Rs.)	Date	Particulars	J.F.	Amount (Rs.)
2010 Aug.01	Sales A/c		20,000	2010 Aug.01	Bills Receivable A/c		12,000
Dec.04	Bank A/c		8,100	Aug.01	Bills Receivable A/c		8,000
				Dec.04	Balance C/d		8,100
			28100				28,100