Sukhdev sold goods to Namdev worth Rs. 30000 on 1st March 2013.

Sukhdev sold goods to Namdev worth Rs. 30000 on 1st March 2013. Namdev accepted a bill for Three months, drawn by Sukhdev on 1st March 2013.

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]