Maharashtra State BoardHSC Commerce 12th Board Exam
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Journalise the Following Bill Transactions in the Books of Gopal as on 14th August, 2010. - Book Keeping and Accountancy

Journal Entry

Journalise the following bill transactions in the books of Gopal as on 14th August, 2010.

1. Shruti’s acceptance to Gopal Rs 4,500 retired one month before due date at rebate 10% p.a.

2. Discounted 3 months acceptance of Chandrakant for Rs 3,500 with bank @ 12% p.a.

3. Received cheque Rs 2,000 and 2 months acceptance drawn on Sushama for Rs 10,000 for the balance due on her account.

4. Endorsed Shantaram’s acceptance at 2 months of Rs 5,000 in favour of Balchandra and paid cash Rs 2,500 in full settlement of this account Rs 7,800.

5. Sold goods of Rs 13,500 on credit to Nanda. Drew 2 months bill on her. Which is duly accepted and returned by her.

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Solution

                                           Books of Gopal
                                            Journal Entry

Date Particulars L.F. Debit Amount (Rs.) Credit Amount (Rs.)
2010
Aug.14
   1.
Cash/Bank A/c                   Dr.
Rebate A/c                         Dr.
   To Bill Receivable A/c
(Bill retired under the rebate of 10% Per annum, one before the due date.)
  4,462
38
4,500
Aug.14
   2.
Bank A/c                            Dr.
Discount A/c                      Dr.
   To Bills receivable A/c
(Bills discounted with bank @ 12% per annum before 3 months)
  3,395
105
3,500
Aug.14
   3.
Bank A/c                            Dr.
Bills Receivable A/c            Dr.
      To Sushama A/c 
(Cheque received for Rs.20,000 and for Rs.10,000 bill has been drawn and accepted)

  2,000
10,000
12,000
Aug.14
   4.
Balchandra A/c                  Dr.
   To Cash A/c 
    To Discount Receivable A/c
    To Bills Receivable A/c
( Cash of Rs. 2,000 paid and bill for Rs. 5,000 endoresed to Balchandra, a creditor, in full settlement of his account of Rs.7,800)
  7,800 2,000
800
5,000
Aug.14
    5.
Nanda A/c                         Dr.
    To Sales A/c
(Goods sold to Nanda on credit)
  13,500 13,500
Aug.14 Bills Receivable A/c           Dr.
      To Nanda A/c
(Bill drawn and accepted)
  13,500 13,5000
Concept: Accounting Treatment of Bill - Journal Entries and Ledger
  Is there an error in this question or solution?
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 9 Bill of Exchange (Trade Bill)
Exercise | Q 14 | Page 319
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