3 Journalise the following
transactions in the books of Kantilal.
(a) Sandhya informed Kantilal that Sawan’s acceptance for `. 16,000 endorsed to Sandhya has been dishonoured. Noting
charges amounted to `. 300.
(b) Nalini renews her acceptance to Kantilal for `. 6,000 by paying `. 2,000 in cash and accepting a
fresh bill for the balance plus interest at 12% p.a. for 3 months.
(c) Punam’s acceptance to Kantilal `. 10,000 retired one month before the due date at a discount of
6% p.a.
(d) Bank informed Kantilal that the bill of `. 8,000 has been dishonoured by Meenakshi which was sent to bank
for collection.
In the books of Kantilal
Date
|
Particulars
|
LF
|
Debit
(`.)
|
Credit
(`.)
|
a
|
SawanA/c……………………………..Dr.
To Sandhya A/c
(Being endorsed
bill dishonoured and incurred noting charges)
|
16,300
|
16,300
|
|
b
(i)
|
NaliniA/c……………………………….Dr.
To Bills Receivable A/c
(Being bill
dishonoured)
|
6,000
|
6,000
|
|
(ii)
|
NaliniA/c……………………………….Dr.
To Interest A/c
(Being interest
due)
|
120
|
120
|
|
(iii)
|
CashA/c………………………………..Dr.
To Nalini A/c
(Being part payment
received)
|
2,000
|
2,000
|
|
(iv)
|
Bills Receivable
A/c…………………..Dr.
To Nalini A/c
(Being new bill
drawn and accepted along with interest due after 3 months)
|
4,120
|
4,120
|
|
c
|
Cash / Bank
A/c……………………..Dr.
DiscountA/c…………………………..Dr.
To Bills Receivable A/c
(Being bill
retired)
|
9,950
50
|
10,000
|
|
d
|
Meenakshi
A/c………………………Dr.
To Bank for collection A/c
(Being bill sent to
bank for collection dishonoured)
|
8,000
|
8,000
|
|
46540
|
46540
|
