Journalise the following transaction in the books of Nilesh.
(a)
Naresh informs Nilesh that Snajay’s acceptance for `. 8,000
endorsed to Naresh has been dishonoured. Noting charges `. 200.
(b)
Sujit renews his acceptance to Nilesh for `. 4,800 by paying `.1,600 in cash
and accepting a new bill for the balance plus interest for 3 months @12% p.a.
(c)
Prakash’s acceptance to Nilesh for `.24,000 retired one month before
its due date at a discount of 12% p.a.
(d)
Bank informs Nilesh, the dishonour of Prashant’s acceptance for `. 8,000,
discounted with Bank. Noting charges `.160.
(12)
Journal of Nilesh
|
Date
|
Particulars
|
LF
|
Debit (`.)
|
Credit (`.)
|
|
1.
|
Sanjay
A/c…………………………..Dr.
To Naresh A/c
(Being
endorsed bill dishonoured and noting charges paid)
|
8,200
|
8,200
|
|
|
2.
|
Sujit
A/c………………………………Dr.
To Bills Receivable A/c
(Being
Bills cancelled)
|
4,800
|
4,800
|
|
|
3.
|
Sujit
A/c………………………………Dr.
To Interest A/c
(Being
interest receivable)
|
96
|
96
|
|
|
4.
|
Cash
A/c……………………………..Dr.
To Sujit A/c
(Being
part payment received)
|
1,600
|
1,600
|
|
|
5.
|
Bills
Receivable A/c………………..Dr.
To Sujit A/c
(Being
new bill drawn and accepted due after 3 months)
|
3,296
|
3,296
|
|
|
6.
|
Cash
A/c………………………………Dr.
Discount
A/c…………………………Dr.
To Bills Receivable A/c
(Being
Bill Retired)
|
23,760
240
|
24,000
|
|
|
7.
|
Prashant
A/c…………………………Dr.
To Bank A/c
(Being
discounted bill dishonorued and noting charges paid)
|
8,160
|
8,160
|
