Date
|
Particulars
|
LF
|
Debit
(Rs)
|
Credit
(Rs)
|
1.
|
Bills Receivable A/c …Dr.
|
|
6000
|
|
|
To Moni's A/c
|
|
|
6000
|
|
[Being the Bill is drawn]
|
|
|
|
2.
|
Bank A/c …Dr.
|
|
5840
|
|
|
Discount A/c … Dr.
|
|
160
|
|
|
To Bills Receivable A/c
|
|
|
6000
|
|
[Being the Bill is discounted with the bank]
|
|
|
|
3.
|
Moni's A/c … Dr.
|
|
6000
|
|
|
To Bank's A/c
|
|
|
6000
|
|
[Being the discounted bill is dishonoured]
|
|
|
|
4.
|
Moni's A/c … Dr.
|
|
40
|
|
|
To Interest A/c
|
|
|
40
|
|
[Being Interest is charged on balance amount]
|
|
|
|
5.
|
Cash A/c ……… Dr.
|
|
4000
|
|
|
To Moni's A/c
|
|
|
4000
|
|
[Being the part payment is made]
|
|
|
|
6.
|
Bills Receivable A/c …Dr.
|
|
2040
|
|
|
To Moni's A/c
|
|
|
2040
|
|
[Being the New bill is drawn for balance amount along with interest]
|
|
|
|
7.
|
Bank for collection A/c …… Dr.
|
|
2040
|
|
|
To Bills Receivable A/c
|
|
|
2040
|
|
[Being the second bill is sent to bank for collection ]
|
|
|
|
8.
|
Bank A/c ……… Dr.
|
|
2040
|
|
|
To Bank for collection A/c
|
|
|
2040
|
|
[Being the sent to bank for collection bill is honoured]
|
|
|
|
Advertisement
Sonia draws a bill on Moni for Rs. 6,000 at 4 months. Moni accepts the bill and returns it to Sonia who discounts the bill with the bank at a discount of 8% p.a. Before the due date of Bill Moni requested Sonia to accept Rs. 4000 in cash and draw a bill for the balance plus interest at 12% p.a. for two months. Sonia draws a bill as the request is agreed. The bill is sent to bank for collection. On the due date the bill was honoured. Pass the necessary journal entries in the books of Sonia.
Solution:
Journal Entries
in the booms of Sonia