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Question
Journalise the following transactions in the book's of Bhaskar.
(a) Suresh informed Bhaskar that Nishad's acceptance for Rs. 2,500 endorsed to Suresh has been dishonoured and noting charges amounted to Rs. 25.
(b) Rajesh renews his acceptance to Bhaskar for Rs. 7,500 by paying Rs. 2,500 in cash and accepting a fresh bill for the balance plus interest @ 10% p. a. for three months.
(c) Mandar retired his acceptance to Bhaskar for Rs. 3,800 by paying Rs. 3,750 in cash.
(d) Bhaskar sent a bill of Dayaram for Rs. 5,000 to the bank for collection. But the bank informed that the bill has been dishonoured by Dayaram.
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Solution
|
In the books of Bhaskar Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
(a) |
Nishad |
Dr. |
|
2,525 |
|
|
|
To Suresh |
|
|
|
2,525 |
|
|
(Endorsed bills receivable dishonoured and noting charges paid) |
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
Rajesh |
Dr. |
|
7,500 |
|
|
|
To Bills Receivable A/c |
|
|
|
7,500 |
|
|
(Bills Receivable dishonoured) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash A/c |
Dr. |
|
2,500 |
|
|
|
To Rajesh |
|
|
|
2,500 |
|
|
(Cash received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Rajesh |
Dr. |
|
125 |
|
|
|
To Interest A/c |
|
|
|
125 |
|
|
(Interest due) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c |
Dr. |
|
5,125 |
|
|
|
To Rajesh |
|
|
|
5,125 |
|
|
(New bill received) |
|
|
|
|
|
|
|
|
|
|
|
|
(c) |
Cash A/c |
Dr. |
|
3,750 |
|
|
|
Rebate A/c |
|
|
50 |
|
|
|
To Bills Receivable A/c |
|
|
|
3,800 |
|
|
(Cash received and discount allowed) |
|
|
|
|
|
|
|
|
|
|
|
|
(d) |
Dayaram |
Dr. |
|
5,000 |
|
|
|
To Bills Sent for Collection A/c |
|
|
|
5,000 |
|
|
(Bill dishonoured) |
|
|
|
|
Working Notes:
WN1 Calculation of Interest
\[\text{Amount of Interest} = 5,000 \times\frac{10}{100}\times\frac{3}{12}= \text{Rs} 125\]
