Bhagyashri sold goods worth `. 24,000 to
Rupa.
On the next day Rupa paid `. 10,000 in cash and accepted 4 months bill for the balance
amount drawn by Bhagyashri.
Bhagyashri discounted the bill at 10% p.a. after one month with her bank.
On due date Rupa dishonoured her acceptance and noting charges amounted
to `. 200.
Rupa paid half the amount of the bill and full amount of noting charges.
Rupa accepted a new bill at 2 months for the balance amount plus interest`. 100.
Pass necessary journal entries in the books of Bhagryashri.
In the books of Bhagyashri
Journal Entries
Date
|
Particulars
|
LF
|
Debit
(`.)
|
Credit
(`.)
|
1
|
Rupa
A/c………………………………Dr.
To Sales A/c
(Being goods sold)
|
24,000
|
24,000
|
|
2
|
Cash
A/c………………………………Dr.
To Rupa A/c
(Being cash
received from Rupa)
|
10,000
|
10,000
|
|
3
|
Bills Receivable
A/c…………………Dr.
To Rupa A/c
(Being bill drawn
and accepted due after 4 months)
|
14,000
|
14,000
|
|
4
|
Bank
A/c………………………………Dr.
Discount
A/c…………………………Dr.
To Bills Receivable A/c
(Being bill
discounted with bank @ 10% after one month)
|
13650
350
|
14,000
|
|
5
|
Rupa
A/c……………………………….Dr.
To Bank A/c
(Being bill
dishonoured and incurred noting charges)
|
14,200
|
14,200
|
|
6
|
Cash / Bank
A/c……………………..Dr.
To Rupa A/c
(Being part payment
received along with noting charges)
|
7,200
|
7,200
|
|
7
|
Rupa
A/c………………………………..Dr.
To Interest A/c
(Being interest
received)
|
100
|
100
|
|
8
|
Bills Receivable
A/c…………………..Dr.
To Rupa A/c
(Being new bill
drawn and accepted due after 2 months along with interest)
|
7,100
|
7,100
|
|
90,600
|
90,600
|
