Q.3. Journalise
the following transaction in the books of Nilesh.
(a) Naresh
informs Nilesh that Snajay’s acceptance for `.
8,000 endorsed to Naresh has been dishonoured. Noting charges `.
200.
(b) Sujit
renews his acceptance to Nilesh for `. 4,800 by paying `.1,600
in cash and accepting a new bill for the balance plus interest for 3 months
@12% p.a.
(c) Prakash’s
acceptance to Nilesh for `.24,000 retired one month before its due date at a
discount of 12% p.a.
(d) Bank
informs Nilesh, the dishonour of Prashant’s acceptance for `.
8,000, discounted with Bank. Noting charges
`.160. (12)
Journal of Nilesh
Date
|
Particulars
|
LF
|
Debit (`.)
|
Credit (`.)
|
1.
|
Sanjay
A/c…………………………..Dr.
To Naresh A/c
(Being
endorsed bill dishonoured and noting charges paid)
|
8,200
|
8,200
|
|
2.
|
Sujit
A/c………………………………Dr.
To Bills Receivable A/c
(Being
Bills cancelled)
|
4,800
|
4,800
|
|
3.
|
Sujit
A/c………………………………Dr.
To Interest A/c
(Being
interest receivable)
|
96
|
96
|
|
4.
|
Cash
A/c……………………………..Dr.
To Sujit A/c
(Being
part payment received)
|
1,600
|
1,600
|
|
5.
|
Bills
Receivable A/c………………..Dr.
To Sujit A/c
(Being
new bill drawn and accepted due after 3 months)
|
3,296
|
3,296
|
|
6.
|
Cash
A/c………………………………Dr.
Discount
A/c…………………………Dr.
To Bills Receivable A/c
(Being
Bill Retired)
|
23,760
240
|
24,000
|
|
7.
|
Prashant
A/c…………………………Dr.
To Bank A/c
(Being
discounted bill dishonorued and noting charges paid)
|
8,160
|
8,160
|
|
