Maharashtra State BoardHSC Commerce 12th Board Exam
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Pass the Journal Entries in the Books of Swapnali and Prepare Swapnil’S Account in Her Ledger. - Book Keeping and Accountancy

Journal Entry
Ledger

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.

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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.
Bills Receivable A/c           Dr.
     To Swapnil A/c
(Bill accepted by Swapnil)

  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
    To Bank A/c
  (Bank Charges Paid)

  50 50
Dec.04

Swapnil A/c                          Dr.
    To Bank A/c
(Discounted bill dishonoured on maturity date and noting charges paid by bank)

  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
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 5 | Page 317
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