Sukhdev sold goods to Namdev worth Rs. 30000 on 1st March 2013. Namdev accepted a bill for Three months, drawn by Sukhdev on 1st March 2013.
Solution:
Journal Entries in the Books of Sukhdev. [Drawer]
Date
|
Particulars
|
L.F.
|
Debit
(Rs.)
|
Credit
(Rs.)
|
1.3.13
|
Namdev A/c ... Dr.
|
30000
| ||
To Sales A/c
|
30000
| |||
[Being Goods are sold on credit]
| ||||
1.3.13
|
Bills Receivable A/c ... Dr.
|
30000
| ||
To Namdev A/c
|
30000
| |||
[Being the bill is drawn]
| ||||
21.5.13
|
Namdev A/c ... Dr.
|
30000
| ||
To Bills Receivable A/c
|
30000
| |||
[Being the bill is dishonoured]
| ||||
21.5.13
|
Namdev A/c ... Dr.
|
400
| ||
To Interest A/c
|
400
| |||
[Being the Interst is charged on Balance Amount]
| ||||
21.5.13
|
Cash/Bank A/c ... Dr.
|
10000
| ||
To Namdev A/c
|
10000
| |||
[Being the part payment is made]
| ||||
21.5.13
|
Bills Receivable A/c ... Dr.
|
20400
| ||
To Namdev A/c
|
20400
| |||
[Being the new bill is drawn along the interest]
| ||||
24.7.13
|
Cash / Bank A/c ... Dr.
|
20400
| ||
To Bills Receivable A/c
|
20400
| |||
[Being the new bill is duly honoured]
|
