Following records of Mr. Raj were kept on single entry system. (March 2009)

Following records of Mr. Raj were kept on single entry system. (March 2009)

Particular	31.3.2006	31.3.2007
Stock Furniture Plant and Machinery Loan taken Bank Balance Debtors Creditors	15000 53500 42500 21000 1900 43000 18000	14000 44000 55500 21000 2100 35000 14900

Mr. Raj invested Rs. 4000 in the business.

Also he had withdrawn Rs. 15,000 for his private expenses from business.

Rs. 500 to be provided for bad debts.

Depreciate plant and machinery @ 5% and furniture @5%

Prepare:

i.             Statement of Affairs as on 31.3.2006.

ii.           Statement of Affairs as on 31.3.2007.

iii.          Statement of Profit and Loss for the year ended on 31.3.2007.

Answer

Capial at the Begining of the year 116900

Capital at the end of the year 114700

Trading Profit 8800

Net Profit 3325

Following records of Mr. Raj were kept on single entry system. (March 2009)

Following records of Mr. Raj were kept on single entry system. (March 2009)

Particular	31.3.2006	31.3.2007
Stock Furniture Plant and Machinery Loan taken Bank Balance Debtors Creditors	15000 53500 42500 21000 1900 43000 18000	14000 44000 55500 21000 2100 35000 14900

Mr. Raj invested Rs. 4000 in the business.

Also he had withdrawn Rs. 15,000 for his private expenses from business.

Rs. 500 to be provided for bad debts.

Depreciate plant and machinery @ 5% and furniture @5%

Prepare:

i.             Statement of Affairs as on 31.3.2006.

ii.           Statement of Affairs as on 31.3.2007.

iii.          Statement of Profit and Loss for the year ended on 31.3.2007.

Answer

Capial at the Begining of the year 116900

Capital at the end of the year 114700

Trading Profit 8800

Net Profit 3325

Minal draws a bill on Usha for Rs. 5,000 at 3 months. Usha accepts the bill and return to Minal. Minal discounted the bill @ 12 % p.a. with the bank. On Maturity Usha finds herself unable to make payment of the bill and requested Minal to renew the bill. Minal accepts the proposal on the condition that Usha should Pay Rs. 2,000 in cash and accept a new bill at one month along with interest at 10% p.a. These arrangements were carried through. Usha retires the bill by paying Rs. 3015/- Pass Journal Entries in the books of Usha.

Minal draws a bill on Usha for Rs. 5,000 at 3 months. Usha accepts the bill and return to Minal. Minal discounted the bill @ 12 % p.a. with the bank. On Maturity Usha finds herself unable to make payment of the bill and requested Minal to renew the bill. Minal accepts the proposal on the condition that Usha should Pay Rs. 2,000 in cash and accept a new bill at one month along with interest at 10% p.a. These arrangements were carried through. Usha retires the bill by paying Rs. 3015/- Pass Journal Entries in the books of Usha.

Archana purchased goods from Babita on credit for Rs. 20,000. On next day Archana paid Rs. 10,000 to Babita and accepted a bill drawn by Babita for the balance amount for four months. Babita discounted the bill with her bank for Rs. 9600/-. Before the due date Archana approached Babita with a request to renew the Bill. Babita agreed with the condition that Archana should pay Rs. 6000 along with interest of Rs. 120 and accept a new bill for the balance. These arrangements were duly carried out. New bill is met on the due date. Pass journal entries in the books of Archana.

Archana purchased goods from Babita on credit for Rs. 20,000. On next day Archana paid Rs. 10,000 to Babita and accepted a bill drawn by Babita for the balance amount for four months. Babita discounted the bill with her bank for Rs. 9600/-. Before the due date Archana approached Babita with a request to renew the Bill. Babita agreed with the condition that Archana should pay Rs. 6000 along with interest of Rs. 120 and accept a new bill for the balance. These arrangements were duly carried out. New bill is met on the due date. Pass journal entries in the books of Archana.

Minal draws a bill on Usha for Rs. 5,000 at 3 months. Usha accepts the bill and return to Minal. Minal discounted the bill @ 12 % p.a. with the bank. On Maturity Usha finds herself unable to make payment of the bill and requested Minal to renew the bill. Minal accepts the proposal on the condition that Usha should Pay Rs. 2,000 in cash and accept a new bill at one month along with interest at 10% p.a. These arrangements were carried through. Usha retires the bill by paying Rs. 3015/- Pass Journal Entries in the books of Minal.

Minal draws a bill on Usha for Rs. 5,000 at 3 months. Usha accepts the bill and return to Minal. Minal discounted the bill @ 12 % p.a. with the bank. On Maturity Usha finds herself unable to make payment of the bill and requested Minal to renew the bill. Minal accepts the proposal on the condition that Usha should Pay Rs. 2,000 in cash and accept a new bill at one month along with interest at 10% p.a. These arrangements were carried through. Usha retires the bill by paying Rs. 3015/- Pass Journal Entries in the books of Minal.

On 1st March, 2013. Ramchandra sold goods to Raman worth Rs. 8,000/- and Raman accepted the Bill for Rs. 8,000/- at 3 months drawn by Ramchandra. Ramchandra discounted the bill with his bank @ 6% p.a. On due date the bill was dishonoured and Raman requested Ramchandra to accept Rs. 4,000/- immediately and draw upon him a new bill for the remaining amount at 3 months together with an interest @ 10% p.a. Ramchandra agreed. The second Bill was duly honoured. Give Journal entries in the books of Ramchandra

On 1st March, 2013. Ramchandra sold goods to Raman worth Rs. 8,000/- and Raman accepted the Bill for Rs. 8,000/- at 3 months drawn by Ramchandra. Ramchandra discounted the bill with his bank @ 6% p.a. On due date the bill was dishonoured and Raman requested Ramchandra to accept Rs. 4,000/- immediately and draw upon him a new bill for the remaining amount at 3 months together with an interest @ 10% p.a. Ramchandra agreed. The second Bill was duly honoured. Give Journal entries in the books of Ramchandra

BILL OF EXCHANGE TRADE BILL

Drawer: Yamini Gupta, Sarvapriya Vihar, Delhi

Drawee – Kamini Sharma, Raj baug, Agra.

Period – 100 days.

Term – After acceptance

Date of Bill – 1^st January, 2007

Amount – Rs. 10,500/-

Date of Acceptance – 3^rd January, 2007

BILL OF EXCHANGE TRADE BILL

Drawer: Yamini Gupta, Sarvapriya Vihar, Delhi

Drawee – Kamini Sharma, Raj baug, Agra.

Period – 100 days.

Term – After acceptance

Date of Bill – 1^st January, 2007

Amount – Rs. 10,500/-

Date of Acceptance – 3^rd January, 2007

PROFORMA OF BILL OF EXCHANGE

Drawer                            :         Abhijit Patil, Vikram nagar, Patna.

Drawee                           :         Tejas Kapare, Kothrud, Pune.

Payee                                        :         Amey Patki, Nagpur.

Amount                          :         Rs. 7500

Period                             :         60 days

Term                               :         After sight

Date of Bill Drawn                     :         1^stJune 2006

Date of Acceptance          :         11^th June 2006

Accepted bill for Rs.         :        7000 only.

PROFORMA OF BILL OF EXCHANGE

Drawer                            :         Abhijit Patil, Vikram nagar, Patna.

Drawee                           :         Tejas Kapare, Kothrud, Pune.

Payee                                        :         Amey Patki, Nagpur.

Amount                          :         Rs. 7500

Period                             :         60 days

Term                               :         After sight

Date of Bill Drawn                     :         1^st June 2006

Date of Acceptance          :         11^th June 2006

Accepted bill for Rs.         :        7000 only.

FORMAT OF BILL OF EXCHANGE

. Drawer                         :         Vijay Bhat, Main Road, Nagpur.

   Drawee                        :         Ashok Kulkarni, M.G. Road, Nagpur.

   Payee                           :         Anil Jadhav, Pune.

  Amount                         :         Rs. 6,950.

  Period                            :         80 days.

  Date of Bill                    :         7^th March, 1996.

  Accepted on                   :         10^th March, 1996. For 90 days

FORMAT OF BILL OF EXCHANGE

. Drawer                         :         Vijay Bhat, Main Road, Nagpur.

   Drawee                        :         Ashok Kulkarni, M.G. Road, Nagpur.

   Payee                           :         Anil Jadhav, Pune.

  Amount                         :         Rs. 6,950.

  Period                            :         80 days.

  Date of Bill                    :         7^th March, 1996.

  Accepted on                   :         10^th March, 1996. For 90 days

BILL OF EXCHANGE FORMAT

Drawer                  :         Vilas Ptil, 44, M.G. Road, Nanded.               

    Drawee                       :         Pankaj Pawar, 70, Bhavani Galli, Solapur.

    Payee                          :         Ramchandra Rampure, Rampur.

    Period                         :         60 days.

    Date of Bill                  :         28^th January, 1995

    Date of Acceptance      :         29^thJanuary, 1995

    Amount of the Bill       :         Rs. 2,800/-

BILL OF EXCHANGE FORMAT

Drawer                  :         Vilas Ptil, 44, M.G. Road, Nanded.               

    Drawee                       :         Pankaj Pawar, 70, Bhavani Galli, Solapur.

    Payee                          :         Ramchandra Rampure, Rampur.

    Period                         :         60 days.

    Date of Bill                  :         28^th January, 1995

    Date of Acceptance      :         29^th January, 1995

    Amount of the Bill       :         Rs. 2,800/-

FORMAT OF BILL OF EXCHANGE

Drawer                  :         Mr. Avadhoot Raktade, (March 2012)

                                                586. Main Road, Ajara

Drawee                            :         Mr. Mukund Aglawe

                                                133, Chandni Chowk, Panvel.

Amount                           :         Rs. 8,800.

Period                              :         Two Months.

Date of Bill                      :         1st May, 2010.

Date of Acceptance :         5 th May, 2010.

FORMAT OF BILL OF EXCHANGE

Drawer                  :         Mr. Avadhoot Raktade, (March 2012)

                                                586. Main Road, Ajara

Drawee                            :         Mr. Mukund Aglawe

                                                133, Chandni Chowk, Panvel.

Amount                           :         Rs. 8,800.

Period                              :         Two Months.

Date of Bill                      :         1 st May, 2010.

Date of Acceptance :         5 th May, 2010.

Bill of exchange format

On 10^th March, 1995 Rajesh Bhoyar, Gandhinagar, Nagpur draws a 2 months bill for Rs. 3,000 on Samir Choudhary, Main Road, and Belapur. Samir Choudhary accepted the bill on 15^th March 1995.

Bill of exchange format

On 10^th March, 1995 Rajesh Bhoyar, Gandhinagar, Nagpur draws a 2 months bill for Rs. 3,000 on Samir Choudhary, Main Road, and Belapur. Samir Choudhary accepted the bill on 15^th March 1995.

PREPARE A BILL OF EXCHANGE FROM THE FOLLOWING DETAILS.

1. Drawer                        :         Soundariya, Neelam Bhawan, Kalyan  

      Drawee                      :         Sugandi, Dastur Nagar, Amaravati

      Payee                        :         Umesh , Deogad

      Period                       :         90 days

     Amount                      :         Rs. 7,555

     Date of bill                 :         15^th March 1995

     Accepted on                :         20^thMarch 1995