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Question
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 |
