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On 1st March, 2014. Bheem sold goods to Raju worth Rs. 10,000/- and Raju accepted the Bill for Rs. 10,000/- at 3 months drawn by Bheem. Bheem discounted the bill with his bank @ 10% p.a. On due date the bill was dishonoured and Raju requested Bheem to accept Rs. 4,000/- immediately and draw upon him a new bill for the remaining amount at 3 months together with an interest @ 10% p.a. Bheem agreed. The second Bill was duly honoured. Give Journal entries in the books of Bheem.



Journal Entries in the Books of Bheem (Drawer)
Date
Particulars
LF
Debit (Rs.)
Credit (Rs.)
1.3.14
Raju's A/c …… Dr.

10000


To Sales A/c


10000

[Being the goods are sold]



1.3.14
Bills Receivable A/c  ..... Dr.

10000


To Raju's A/c


10000

[Being the Bill is drawn]



1.3.14
Bank A/c ..... Dr.

9750


Discount A/c .... Dr.

250


To Bills Receivable A/c


10000

[Being the bill is discounted]



4.6.14
Raju's A/c ...... Dr.

10000


To Bank A/c


10000

[Being the discounted bill is dishonoured]



4.6.14
Raju's A/c ....Dr.

150


To Interest A/c


150

[Being the interest is charged]



4.6.14
Bank A/c ... Dr.

4000


To Raju's A/c


4000

[Being the part payment is made]



4.6.14
Bills receivable A/c ......Dr.

6150


To Raju's A/c


6150

[Being the new bill is drawn along with interest]



7.9.14
Bank A/c ..... Dr.

6150


To Bills Receivable A/c


6150

[Being the new bill is duly honoured]





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