1.
Badrinath informs Kedarnath that Aloknath's Acceptance of Rs. 16,000 endorsed
to Badrinath has been dishonoured and noting charges amounted to Rs. 500.
2.
Somnath renews his acceptance of Rs. 14,400 to Kedarnath by paying cash Rs.
4,400 and accepting a new bill for 2 months for the balance plus interest @ 12%
p.a.
3.
Vishwanath retired his acceptance for Rs. 10,500 to Kedarnath by paying in cash
Rs. 10,250
4.
Recovered only 50% of the amount due from his private estate of Ramnath, who
declared as insolvent, against his bill of Rs. 12,500. [10 MARKS]
|
Date
|
Particulars
|
L.F.
|
Debit
|
Credit
|
|
A.
|
Aloknath's
A/c ……………Dr.
|
|
16500
|
|
|
|
To Badrinath's A/c
|
|
|
16500
|
|
|
[Being the endorsed bill is dishonoured
along with noting charges.]
|
|
|
|
|
B.
|
|
|
|
|
|
(i)
|
Somnath's A/c ……… Dr.
|
|
14400
|
|
|
|
To Bills Receivable A/c
|
|
|
14400
|
|
|
[Being the bill is dishonoured]
|
|
|
|
|
|
|
|
|
|
|
(ii)
|
Cash a/c ………… Dr.
|
|
4400
|
|
|
|
To Somnath's A/c
|
|
|
4400
|
|
|
[Being the Part Payment is Made]
|
|
|
|
|
|
|
|
|
|
|
(iii)
|
Somnath's A/c ………… Dr.
|
|
200
|
|
|
|
To Interest A/c
|
|
|
200
|
|
|
[Being the Interest is charged on balance
amount]
|
|
|
|
|
|
|
|
|
|
|
(iv)
|
Bills Receivable A/c ………… Dr.
|
|
10200
|
|
|
|
To Somnath's A/c
|
|
|
10200
|
|
|
[Being the new bill is drawn along with
interest]
|
|
|
|
|
|
|
|
|
|
|
(C)
|
Cash A/c ……………… Dr.
|
|
10,250
|
|
|
|
Rebate's A/c ………… Dr.
|
|
250
|
|
|
|
To Bills Receivable's A/c
|
|
|
10,500
|
|
|
[Being the Bill is retired]
|
|
|
|
|
|
|
|
|
|
|
(D)
|
|
|
|
|
|
(i)
|
Ramnath's A/c ……………………… Dr.
|
|
12500
|
|
|
|
To Bills Receivable A/c
|
|
|
12500
|
|
|
[Being the Bill is dishonoured]
|
|
|
|
|
|
|
|
|
|
|
(ii)
|
Cash/ Bank A/c …………Dr.
|
|
6250
|
|
|
|
Bad Debts A/c …………… Dr.
|
|
6250
|
|
|
|
To Ramnath's
A/c
|
|
|
12500
|
|
|
[Being the Drawee Ramnath become insolvent
and only 50% of the amount could be recovered from his private estate]
|
|
|
|
