Question
Solution
In the books of Rohit Journal | ||||
Date | Particulars | L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
2012 May 14
|
Devidas Dr. To Sales A/c (Goods sold to Devidas on credit) |
30,000
|
30,000
|
|
May 14
|
Bills Receivable A/c Dr. To Devidas (Bill received from Devidas) |
30,000
|
30,000
|
|
June 17
|
Bank A/c Dr. Discounting Charges A/c Dr. To Bills Receivable A/c (Bills Receivable discounted with a bank) |
29,250 750
|
30000
|
|
Sept. 17
|
Devidas Dr. To Bank A/c (Discounted bill receivable dishonoured) |
30,000
|
30,000
|
|
Sept. 17
|
Devidas Dr. To Interest A/c (Interest due) |
500
|
500
|
|
Sept. 17
|
Cash A/c Dr. Bills Receivable A/c (New) Dr. To Devidas (Cash and acceptance received) |
10,500 20,000
|
30,500
|
|
Nov. 20
|
Cash A/c Dr. To Bills Receivable A/c (New) (Cash received) |
20,000
|
20,000
|
Working Notes:
WN1 Calculation of Amount of Discount
Amount of discount = 30,000 × 10/100 × 3/12 = Rs 750