Maharashtra State BoardHSC Commerce 12th Board Exam
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Journalise the Following Transactions on Following Dates in the Books of Ankur. - Book Keeping and Accountancy

Journal Entry

Journalise the following transactions on the following dates in the books of Ankur.
A. On 1st April 2011, Kiran informs Ankur that Kajol’s acceptance of Rs 8,000 endorsed to him dishonoured and noting charges paid Rs 250.
B. On 11th April 2011, Ankur renews his acceptance of Rs 7,400 to Amol by paying cash Rs 2,400 and accepting new bill for 2 months for the balance plus interest @ 15% p.a.
C. On 15th April 2011, Nilima retired her acceptance to Ankur of Rs 5,700 by paying cash Rs 5,300.
 D. On 21st April 2011, recovered Rs 50% of the amount due, from the private estate of Liladhar who declared as insolvent, against his bill of Rs 3,800 which was dishonoured by him on 29th December 2010 and noting charges paid Rs 80.

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Solution

                                            Books of Ankur
                                             Journal Entry

Date Particulars L.F. Debit Amount (Rs.) Credit Amount (Rs.)
2011
Apr,01
    A.
Kajol                 Dr.        To Kiran A/c
(Kajol's acceptance endorsed to Kiran was dishonored and noting charges incurred)
  8,250 8,250
Apr.11
    B.
Ankur A/c             Dr.
   To Bills Receivable A/c
(Bill canceled for renewal) 
  7,400 7,400
  Ankur A/c              Dr.
   To Interest A/c
(Interest charges due on Rs 5,000 @ 15% for 2 months)
  125 125
  Cash A/c                Dr.
Bill Receivable A/c Dr.
    To Ankur 
(Cash received and a new bill has been drawn and accepted including Interest charges)
  2,400
5,125
7,125
Apr.15
    C.
Cash A/c            Dr.
Rebate A/c             Dr.
To Bills Receivable A/c
(Bill retired under the rebate of Rs 400)
  5,300
400
5,700
Apr.21
     D.
Cash/Bank A/c     Dr
Bad Debts A/c
   To Liladhar A/c
(Liladhar became insolvent and 50% of the amount recovered from his private estate)
  1,940
1,940
3,880
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 17 | Page 320
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