Advertisement

On 14th May, 2012 Rohit sold goods on credit to Devidas for Rs. 30,000 on the same date Rohit draws a bill on Devidas for Rs. 30,000 at 4 months. Devidas accepted it an returned to Rohit.

On 17th June, 2012 rohit discounted the bill with his bank @ 10% p.a.
On due date Devidas finds himself unable to make payment of the bill and requests Rphit to renew it.
Rohit accepted the proposal on the condition that Devidas should pay Rs. 10,000 on account along with interest Rs. 500 in cash and should accept a new bill for the balance at 2 months.
These arrangements were carried though.
Give Journal Entries in the Books of Rohit.
Solution:
Journal Entries in the Books of Rohit.
Date
Particulars
L.F.
No.
Debit

Credit
14.5.12
Devidas’s A/c ……… Dr.

30000


To Sales A/c


30000

[Being goods sold on credit]



14.5.12
Bills Receivable A/c ……… Dr.

30000


To Devidas’s A/c


30000

[Being  the Bill is drawn]



17.6.12
Bank A/c ……… Dr.

29250


Discount A/c ……… Dr.

750


To Bills Receivable A/c


30000

[Being the bill is discounted]



17.9.12
Devidas’s A/c ……… Dr.

30000


To Bank A/c


30000

[Being the discounted bill is dishonoured]



17.9.12
Devidas’s A/c ……… Dr.

500


To Interest A.c


500

[Being the Interest is charged on balance amount]



17.9.12
Cash A/c ……… Dr.

10500


To Devidas’s A/c


10500

[Being Part payment along with interest received ]



17.9.13
Bills Receivable A/c ………Dr.

20000


To Devidas’s A/c


20000

[Being the new bill is drawn for the balance amount]



Working Notes:
(1) Discount charged by the bank = Amount of Bill × Period × Rate of Discount
Discount Charged by the Bank = 30000 × (3/12) × (10/100) = Rs. 750
[Note: Period of the bill is for 4 months but it is discounted one month after, therefore the period of the bill is to be considered for 3 months only.]
(2) Amount of New Bill = Amount of Dishonoured bill + Interest on balance Amount – Part Payment.

Amount of New Bill = 30000 + 500 – 10500 = Rs. 20,000. 

PDF FILE TO YOUR EMAIL IMMEDIATELY PURCHASE NOTES & PAPER SOLUTION. @ Rs. 50/- each (GST extra)

SUBJECTS

HINDI ENTIRE PAPER SOLUTION

MARATHI PAPER SOLUTION

SSC MATHS I PAPER SOLUTION

SSC MATHS II PAPER SOLUTION

SSC SCIENCE I PAPER SOLUTION

SSC SCIENCE II PAPER SOLUTION

SSC ENGLISH PAPER SOLUTION

SSC & HSC ENGLISH WRITING SKILL

HSC ACCOUNTS NOTES

HSC OCM NOTES

HSC ECONOMICS NOTES

HSC SECRETARIAL PRACTICE NOTES

2019 Board Paper Solution

HSC ENGLISH SET A 2019 21st February, 2019

HSC ENGLISH SET B 2019 21st February, 2019

HSC ENGLISH SET C 2019 21st February, 2019

HSC ENGLISH SET D 2019 21st February, 2019

SECRETARIAL PRACTICE (S.P) 2019 25th February, 2019

HSC XII PHYSICS 2019 25th February, 2019

CHEMISTRY XII HSC SOLUTION 27th, February, 2019

OCM PAPER SOLUTION 2019 27th, February, 2019

HSC MATHS PAPER SOLUTION COMMERCE, 2nd March, 2019

HSC MATHS PAPER SOLUTION SCIENCE 2nd, March, 2019

SSC ENGLISH STD 10 5TH MARCH, 2019.

HSC XII ACCOUNTS 2019 6th March, 2019

HSC XII BIOLOGY 2019 6TH March, 2019

HSC XII ECONOMICS 9Th March 2019

SSC Maths I March 2019 Solution 10th Standard11th, March, 2019

SSC MATHS II MARCH 2019 SOLUTION 10TH STD.13th March, 2019

SSC SCIENCE I MARCH 2019 SOLUTION 10TH STD. 15th March, 2019.

SSC SCIENCE II MARCH 2019 SOLUTION 10TH STD. 18th March, 2019.

SSC SOCIAL SCIENCE I MARCH 2019 SOLUTION20th March, 2019

SSC SOCIAL SCIENCE II MARCH 2019 SOLUTION, 22nd March, 2019

XII CBSE - BOARD - MARCH - 2019 ENGLISH - QP + SOLUTIONS, 2nd March, 2019

HSC Maharashtra Board Papers 2020

(Std 12th English Medium)

HSC ECONOMICS MARCH 2020

HSC OCM MARCH 2020

HSC ACCOUNTS MARCH 2020

HSC S.P. MARCH 2020

HSC ENGLISH MARCH 2020

HSC HINDI MARCH 2020

HSC MARATHI MARCH 2020

HSC MATHS MARCH 2020


SSC Maharashtra Board Papers 2020

(Std 10th English Medium)

English MARCH 2020

HindI MARCH 2020

Hindi (Composite) MARCH 2020

Marathi MARCH 2020

Mathematics (Paper 1) MARCH 2020

Mathematics (Paper 2) MARCH 2020

Sanskrit MARCH 2020

Sanskrit (Composite) MARCH 2020

Science (Paper 1) MARCH 2020

Science (Paper 2)

Geography Model Set 1 2020-2021


MUST REMEMBER THINGS on the day of Exam

Are you prepared? for English Grammar in Board Exam.

Paper Presentation In Board Exam

How to Score Good Marks in SSC Board Exams

Tips To Score More Than 90% Marks In 12th Board Exam

How to write English exams?

How to prepare for board exam when less time is left

How to memorise what you learn for board exam

No. 1 Simple Hack, you can try out, in preparing for Board Exam

How to Study for CBSE Class 10 Board Exams Subject Wise Tips?

JEE Main 2020 Registration Process – Exam Pattern & Important Dates


NEET UG 2020 Registration Process Exam Pattern & Important Dates

How can One Prepare for two Competitive Exams at the same time?

8 Proven Tips to Handle Anxiety before Exams!

BUY FROM PLAY STORE

DOWNLOAD OUR APP

HOW TO PURCHASE OUR NOTES?

S.P. Important Questions For Board Exam 2022

O.C.M. Important Questions for Board Exam. 2022

Economics Important Questions for Board Exam 2022

Chemistry Important Question Bank for board exam 2022

Physics – Section I- Important Question Bank for Maharashtra Board HSC Examination

Physics – Section II – Science- Important Question Bank for Maharashtra Board HSC 2022 Examination

Important-formula



THANKS