Sonam informs Ranbir that Salman’s
acceptance for Rs. 3200 endorsed to Sonam has been dishonoured and the noting
charges amounted to Rs. 80.
Ravindra renews his acceptance to
Ranbir for Rs. 4,800 by paying Rs. 1800 in cash and accepted a fresh bill for
the balance, plus interest @ 12% p.a for 2 months.
Dilip’s acceptance to Ranbir for Rs
8000 is retired one month before the due date at a discount of 12% p.a.
The bank informs Ranbir that
Shirin’s acceptance for Rs 5500 to Ranbir discounted with the bank earlier has
been dishounred and the noting charges Rs. 100.
Journal
Entries in the books of Ranbir.
Sr. No.

Particulars

JF

DEBIT

CREDIT

a

Salman's
A/c .....Dr.

3280



To Sonam's
A.c



3280


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




b. i.

Ravindra's
A/c .....Dr.


4800



To Bills
Receivable A/c



4800


[Being the
bill is dishonoured]




ii.

Ravindra's
A/c .....Dr.


60



To Interest
A/c



60


[Being the
Interest is charged]




iii.

Cash A/c
.....Dr.


1800



To
Ravindra's A/c



1800


[Being the
part payment is made]




iv.

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


3060



To
Ravindra's A/c



3060


[Being the
new bill is drawn along with interest]




c.

Bank A/c
.....Dr.


7920



Rebate A/c
.....Dr.


80



To Bills
Receivable A/c



8000


[Being the
bill is retired]




d.

Shirin's
A/c .....Dr.


5600



To Bank A/c



5600


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



