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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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