Journalise the following transactions in the books of Rahul.


Pradeep informed Rahul that, Vijay’s acceptance for Rs. 1,000 endorsed to Pradeep has been dishonoured. Noting charges amounted to Rs. 50.
Nilesh renews his acceptance to Rahul for Rs. 600 by paying Rs. 200 in cash and accepting a fresh bill for balance plus interest at 12% p.a. for 3 months.
Prashant’s acceptance to Rahul for Rs. 3,000 retired one month before due date at a discount of 12% p.a.
Bank informs Rahul as to the dishonour of Aviraj’s acceptance for Rs. 1,000 to Rahul, discounted with the bank. Noting charges are Rs. 20.


Journal Entries in the Books of Rahul.


Sr. No.
Particulars
JF
DEBIT
CREDIT
a.
Vijay's A/c ....Dr.
1050

To Pradeep's A/c


1050

[Being the Endorsed bill is dishonoured along with Noting Charges]



b. i.
Nilesh's A/c ...Dr.

600


To Bills Receivable A/c


600

[Being the Bill is dishonoured]



ii.
Nilesh's A/c ...Dr.

12


To Interest A/c


12

[Being the Interest is charged]



iii.
Cash A/c ...Dr.

200


To Nilesh's A/c


200

[Being the part – payment is made]



iv.
Bills Receivable A/c ...Dr.

412


To Nilesh's A/c


412

[Being the new bill is drawn along with interest]



c.  
Bank A/c ...Dr.

2970


Rebate A/c ...Dr.

30


To Bills Receivable A/c


3000

[Being the bill is retired. ]



d.
Aviraj's A/c ...Dr.

1020


To Bank A/c


1020

[Being the discounted bill is dishonoured along with noting charges]