Bhagyashri sold goods to Rupa worth Rs. 24,000 to Rupa. On the next day
Rupa paid Rs. 10,000 in cash and accepted 4 months bill for balance amount
drawn by Bhagyashri. Bhagyashri
discounted the bill at 10% p.a. after one month with her bank. On due date Rupa
dishonoured her acceptance and noting charges amounted to Rs. 200. Rupa paid
half the amount of the bill and full amount of noting charges. Rupa accepted a
new bill at 2 months for the balance amount plus interest Rs. 100. Pass
necessary journal entries in the books of Bhagyashri.
Solution:
Journal Entries
in the booms of Bhagyashri
|
Date
|
Particulars
|
LF
|
Debit
(Rs)
|
Credit
(Rs)
|
|
? 1.
|
Rupa's A/c … Dr.
|
|
24000
|
|
|
|
To Sales A/c
|
|
|
24000
|
|
|
[Being the goods are sold]
|
|
|
|
|
2.
|
Cash/Bank A/c … Dr.
|
|
10000
|
|
|
|
To Rupa's A/c
|
|
|
10000
|
|
|
[Being the part payment is made]
|
|
|
|
|
3.
|
Bills Receivable A/c …Dr.
|
|
14000
|
|
|
|
To Rupa's A/c
|
|
|
14000
|
|
|
[Being the Bill is drawn]
|
|
|
|
|
3.
|
Bank A/c …Dr.
|
|
13650
|
|
|
|
Discount A/c … Dr.
|
|
350
|
|
|
|
To Bills Receivable A/c
|
|
|
14000
|
|
|
[Being the Bill is discounted with the bank]
|
|
|
|
|
4.
|
Rupa's A/c … Dr.
|
|
14200
|
|
|
|
To Bank's A/c
|
|
|
14200
|
|
|
[Being the discounted bill is dishonoured along with noting charges]
|
|
|
|
|
5.
|
Rupa's A/c … Dr.
|
|
100
|
|
|
|
To Interest A/c
|
|
|
100
|
|
|
[Being Interest is charged on balance amount]
|
|
|
|
|
6.
|
Cash / Bank A/c … Dr.
|
|
7200
|
|
|
|
To Rupa's A/c
|
|
|
7200
|
|
|
[Being the part payment is made along with noting charges]
|
|
|
|
|
7.
|
Bills Receivable A/c …Dr.
|
|
7100
|
|
|
|
To Rupa's A/c
|
|
|
7100
|
|
|
[Being the New bill is drawn for balance amount along with interest]
|
|
|
|
