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प्रश्न
On 1st April, 2011 Umakant draws a bill for Rs 25,000 on Laxmikant for 4 months period. The bill is accepted and returned to Umakant. On the same date Umakant discounted the bill with his bank @ 12% p.a.
Before due date Laxmikant finds himself unable the bill, hence required Umakant to renew the bill for further period of 2 months. Umakant agreed and he took the bill back from bank and received new acceptance for Rs 26,000 including interest. This new bill is duly honoured by Laxmikant on due date.
Write Journal of Umakant and Laxmikant for the above bill transactions.
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उत्तर
Books of Umakant
Journal Entry
| Date | Particulars | L.F. | Debit Amount (Rs.) | Credit Amount (Rs.) |
| 2011 April.01 |
Bills Receivable A/c Dr. To Laxmikant A/c (Bill drawn and accepted) |
25,000 | 25,000 | |
| April.01 | Bank A/c Dr. Discount Charges A/c Dr. To Bills Receivable A/c (Bill discounted with Bank @ 12% per annum before 4 months) |
24,000 1,000 |
25,000 | |
| Aug.04 | Laxmikant A/c Dr. To Bank A/c (Bill cancelled) |
25,000 | 25,000 | |
| Aug.04 | Laxmikant A/c Dr. To Interest A/c (Interest charges due) |
1,000 | 1,000 | |
| Aug.04 |
Bills Receivable A/c Dr. To Laxmikant A/c |
26,000 | 26,000 | |
| Oct.07 | Bank A/c Dr. To Bills Receivable A/c (Bill honoured on due date) |
26,000 | 26,000 |
Books of Laxmikant
Journal Entry
| Date | Particulars | L.F. | Debit Amount (Rs.) | Credit amount (Rs.) |
| 2011 Apr.01 |
Umakant A/c Dr. To Bill Payable A/c (Bills accepted) |
25,000 | 25,000 | |
| Aug.04 | Bills Payable A/c Dr. To Umakant A/c (Bill cancelled) |
25,000 | 25,000 | |
| Aug.04 |
Interest A/c Dr. |
1,000 | 1,000 | |
| Aug.04 | Umakant A/c Dr. To Bill Payable A/c (New bill accepted including interest of Rs. 1,000) |
26,000 | 26,000 | |
| Oct.07 | Bills Payable A/c Dr. To Bank A/c (Amount of bill paid on due date.) |
26,000 | 26,000 |
