On 1st August, 2010 Swapnali sold goods to Swapnil on credit for Rs 20,000. And drew two bills of 60% and 40% of the amount due from Swapnil for 3 and 4 months period respectively. Swapnil accepted and return it to Swapnali immediately. On 1st September 2010 Swapnali send 3 months acceptance to her bank for collection and discounted 4 months acceptance with her bank @ 18% p.a.
On the due date of the respective bills Swapnil honoured 3 months acceptance for which bank debited Rs 50 as bank charges. On due date of 4 months acceptance Swapnil dishonoured for which Swapnali’s bank paid nothing charges Rs 100.
Pass the journal entries in the books of Swapnali and prepare Swapnil’s account in her ledger.
Solution
Books Of Swapnali
Journal Entry
| Date | Particular | L.F. | Debit Amount Rs. | Credit Amount Rs. |
| 2010 Aug.01 |
Swapnil A/c Dr. To Sales A/c (Goods sold to Swapnil on Credit) |
20,000 | 20,000 | |
| Aug.01 |
Bills Receivable A/c Dr. |
12,000 8,000 |
20,000 | |
| Sept.01 | Bill Sent for Collection A/c Dr. To Bill Receivable A/c (Bill sent for Collection to bank) |
12,000 | 12,000 | |
| Sept.01 | Bank A/c Dr. Discount A/c Dr. To Bill Receivable A/c (Bill discounted with bank at 18% per annum before 3 months) |
7,640 360 |
8,000 | |
| Nov.04 | Bank A/c Dr To Bill Sent for Collection A/c (Bill sent for collection honoured on maturity date) |
12,000 | 12,000 | |
| Nov.04 |
Bank Charges A/c Dr |
50 | 50 | |
| Dec.04 |
Swapnil A/c Dr. |
8,100 | 8,100 |
Swapnil's Account
Dr. Cr.
| Date | Particulars | J.F. | Amount (Rs.) | Date | Particulars | J.F. | Amount (Rs.) |
| 2010 Aug.01 |
Sales A/c | 20,000 | 2010 Aug.01 |
Bills Receivable A/c | 12,000 | ||
| Dec.04 | Bank A/c | 8,100 | Aug.01 | Bills Receivable A/c | 8,000 | ||
| Dec.04 | Balance C/d | 8,100 | |||||
| 28100 | 28,100 |
