Maharashtra State BoardHSC Arts 12th Board Exam

Sukhdev Sold Goods to Namdev Worth ₹ 30000 on 1st March 2013. - Book Keeping and Accountancy

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Journal Entry

Sukhdev sold goods to Namdev worth ₹ 30000 on 1st March 2013. Namdev accepted a bill for three months , drawn by Sukhdev on 1st March 2013.
Namdev requested on 21st May 2013 to Sukhdev to receive ₹ 10000 and to draw a new bill for the balance for two months. Sukhdev agreed on condition that interest at 12 5 p.a. for two months is to be provided. 
Sukhdev then drew a new bill for balance amount plus interest at 12 % p.a. for two months .
Namdev accepted the new bill. On due date the new bill was honoured.

Give journal entries in the books of Sukhdev.

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Solution

Journal Entries in the Books of Sukhdev. [Drawer]

Date
Particulars
L.F.
Debit
(Rs.)
Credit
(Rs.)
1.3.13
Namdev A/c ... Dr.
 
30000
 
 
To Sales A/c
   
30000
 
[Being Goods are sold on credit]
     
         
1.3.13
Bills Receivable A/c ... Dr.
 
30000
 
 
To Namdev A/c
   
30000
 
[Being the bill is drawn]
     
         
21.5.13
Namdev A/c ... Dr.
 
30000
 
 
To Bills Receivable A/c
   
30000
 
[Being the bill is dishonoured]
     
         
21.5.13
Namdev A/c ... Dr.
 
400
 
 
To Interest A/c
   
400
 
[Being the Interst is charged on Balance Amount]
     
         
21.5.13
Cash/Bank  A/c ... Dr.
 
10000
 
 
To Namdev A/c
   
10000
 
[Being the part payment is made]
     
         
21.5.13
Bills Receivable A/c ... Dr.
 
20400
 
 
To Namdev A/c
   
20400
 
[Being the new bill is drawn along the interest]
     
         
24.7.13
Cash / Bank A/c ... Dr.
 
20400
 
 
To Bills Receivable A/c
   
20400
 
[Being the new bill is duly honoured]
     
Concept: Introduction of Bill of Exchange (Only Trade Bill)
  Is there an error in this question or solution?

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