Q. 4. Sukhdev sold goods to Namdev worth ₹ 30,000 on 1st March 2013. [10]
Namdev accepted a bill for three months, drawn by Sukhdev on 1st March 2013.
Namdev requested on 21st May 2013 to Sukhdev to receive ₹ 10,000 and to draw a new bill for the balance for two months.
Sukhdev agreed on condition that interest at 12% p.a. for two months is to be provided.
Sukhadev then drew a new bill for balance amount plus interest at 12% p.a. for two months.
Namdev accepted the new bill. On due date the new bill was honoured.
Give journal entries in the books of Sukhdev.
Namdev accepted a bill for three months, drawn by Sukhdev on 1st March 2013.
Namdev requested on 21st May 2013 to Sukhdev to receive ₹ 10,000 and to draw a new bill for the balance for two months.
Sukhdev agreed on condition that interest at 12% p.a. for two months is to be provided.
Sukhadev then drew a new bill for balance amount plus interest at 12% p.a. for two months.
Namdev accepted the new bill. On due date the new bill was honoured.
Give journal entries in the books of Sukhdev.
Solution:
Journal Entries in the Books of Sukhdev. [Drawer]
| Date | Particulars | L.F. | Debit (Rs.) | Credit (Rs.) |
|---|---|---|---|---|
| 1.3.13 | Namdev A/c ... Dr. | 30000 | ||
| To Sales A/c | 30000 | |||
| [Being Goods are sold on credit] | ||||
| 1.3.13 | Bills Receivable A/c ... Dr. | 30000 | ||
| To Namdev A/c | 30000 | |||
| [Being the bill is drawn] | ||||
| 21.5.13 | Namdev A/c ... Dr. | 30000 | ||
| To Bills Receivable A/c | 30000 | |||
| [Being the bill is dishonoured] | ||||
| 21.5.13 | Namdev A/c ... Dr. | 400 | ||
| To Interest A/c | 400 | |||
| [Being the Interst is charged on Balance Amount] | ||||
| 21.5.13 | Cash/Bank A/c ... Dr. | 10000 | ||
| To Namdev A/c | 10000 | |||
| [Being the part payment is made] | ||||
| 21.5.13 | Bills Receivable A/c ... Dr. | 20400 | ||
| To Namdev A/c | 20400 | |||
| [Being the new bill is drawn along the interest] | ||||
| 24.7.13 | Cash / Bank A/c ... Dr. | 20400 | ||
| To Bills Receivable A/c | 20400 | |||
| [Being the new bill is duly honoured] |
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