· Ayub informs Maharaja that Sadashiv’s acceptance for Rs. 2,000 endorsed to Ayub has been dishonoured, noting charges amounted to Rs. 150
· Pankaj renews his acceptance to Maharaja for Rs. 1200 by paying Rs. 400 in cash and accepting a fresh bill for the balance plus interest at 12% p.a. for 3 months.
· Vaibhav’s acceptance to Maharaja for Rs. 6000 retired one month before the due date at a discount of 12%p.a.
· Bank informs Maharaja as to the dishonour of Kasam’s acceptance for Rs. 2000 to Maharaja discounted with Bank noting charges Rs. 200.
Sr. No. | Particulars | JF | Debit | Credit |
1. | Sadhashiv's A/c ... Dr. | 2150 | ||
To Ayub's A/c | 2150 | |||
[Being the Endorsed bill is dishonoured along with noting charges. | ||||
2. | Pankaj's A/c ... Dr. | 1200 | ||
To Bill's Receivable A/c | 1200 | |||
[Being the Bill is dishonoured] | ||||
3. | Cash A/c .... Dr. | 400 | ||
To Pankaj's A/c | 400 | |||
[Being the Part payment is made] | ||||
4. | Pankaj's A/c ... Dr. | 24 | ||
To Interest A/c | 24 | |||
[Being the interest is charged on Balance Amount] | ||||
5. | Bills Receivable A/c ...Dr. | 824 | ||
Pankaj's A/c | 824 | |||
[Being the new bill is drawn along with interest] | ||||
6. | Cash/ Bank A/c ..... Dr. | 5940 | ||
Rebate A/c ... Dr. | 60 | |||
To Bills Receivable A/c | 6000 | |||
[Being the Bill is retired one month before] | ||||
7. | Kasam's A/c ....... Dr. | 2200 | ||
To Bank A/c | 2200 | |||
[Being the discounted bill is dishonoured along with noting charges] |
