(A) Arvind renews his acceptance of Jaydeep of Rs. 7,000 with interest Rs. 500 for two months.
(B) Bank informed Jaydeep that Mahadev’s acceptance of Rs. 4,000 which was discounted and
dishonoured. Bank charged noting charges Rs. 80.
(C) Hanumant informed Jaydeep that Kazi’s acceptance for Rs. 7,000 endorsed to Hanumant has been dishonoured, noting charges Rs. 85.
(D) Datta honoured his acceptance of Rs. 4,900, which was sent to bank for collection. Bank debited Rs. 100 for bank charges.
(E) Radhika retired her acceptance to Jaydeep of Rs. 9,000 by paying Rs. 8,700.
Answer: Journal Entries in the books of Jaydeep.
Date
|
Particulars
|
L.F.
|
Amount
Rs.
|
Amount
Rs.
|
1.
|
Arvind’s A/c ...... Dr.
|
7000
| ||
To Bills Receivable A/c
|
7000
| |||
[Being the bill is dishonoured]
| ||||
2.
|
Arvind’s A/c ...... Dr.
|
500
| ||
To Interest A/c
|
500
| |||
[Being the interest is charged]
| ||||
3.
|
Bills Receivable A/c .... Dr.
|
7500
| ||
To Arvind’s A/c
|
7500
| |||
[Being the new bill is drawn along with interest]
| ||||
4.
|
Mahadev’s A/c .... Dr.
|
4080
| ||
To Bank A/c
|
4080
| |||
[Being the bill is dishonoured along with noting charges]
| ||||
5.
|
Kazi's A/c .....Dr.
|
7085
| ||
To Hanumant's A/c
|
7085
| |||
[Being the endorsed bill is dishonoured along with noting charges]
| ||||
6.
|
Bank A/c ..... Dr.
|
4800
| ||
Bank Charges A/c ...... Dr.
|
100
| |||
To Bank for collection A/c
|
4900
| |||
[Being the bill sent to bank for collection has honoured]
| ||||
7.
|
Bank A/c ........ Dr.
|
8700
| ||
Rebate A/c ...... Dr.
|
300
| |||
To Bills Receivable A/c
|
9000
| |||
[Being the bill is retired]
|
