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Anil drew a bill for Rs. 4,000 on Navin on 1st May, 2013 for three months. This was for the amount which Navin owed to Anil. Navin accepts the same and return it to Anil who discounted at his bank for Rs. 3,900. On 1st Aug, 2013 Navin requested Anil to renew the bill and Anil agreed on the condition that Rs. 1,000 is paid immediately and Navin should accept the new bill for 3 months for the balance payable plus interest of Rs. 45. These arrangements were carried through. However, on 1st October, 2013, Navin retired his acceptance for Rs. 3, 035. Pass journal entries in the books of Anil.

Journal Entries in the Books of Anil     


Date
Particulars
LF
Debit (Rs.)
Credit (Rs.)
1.5.13
Bills Receivable A/c ....Dr.

4000


To Navin's A/c


4000

[Being the bill is drawn]



1.5.13
Bank A/c ....Dr.

3900


Discount A/c ....Dr.

100


To Bills Receivable A/c


4000

[Being the bill is discounted]



1.8.13
Navin's A/c ....Dr.

4000


To Bank A/c


4000

[Being the discounted bill is dishonoured]



1.8.13
Navin's A/c ....Dr.

45


To Interest A/c


45

[Being the interest is charged]



1.8.13
Bank A/c ....Dr.

1000


To Navin's A/c


1000

[Being the part – payment is made]



1.8.13
Bills Receivable A/c ....Dr.

3045


To Navin's A/c


3045

[Being the new bill is drawn along with Interest ]



1.8.13
Bank A/c ....Dr.

3035


Rebate A/c ....Dr.

10


To Bills Receivable A/c


3045

[Being the new bill is retired]



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