Date
|
Particulars
|
LF
|
Debit
|
Credit
|
1
|
Nazriya's
A/c ......Dr.
|
|
60000
|
|
|
To
Bills Payable A/c
|
|
|
60000
|
|
[Being
the bill is accepted]
|
|
|
|
2
|
Bills
Payable A/c ......Dr.
|
|
60000
|
|
|
To
Nazriya's A/c
|
|
|
60000
|
|
[Being
the bill is dishonoured]
|
|
|
|
3
|
Interest
A/c ......Dr.
|
|
400
|
|
|
To
Nazriya's A/c
|
|
|
400
|
|
[Being
the Interest is charged]
|
|
|
|
4
|
Nazriya's
A/c ......Dr.
|
|
40000
|
|
|
To
Cash A/c
|
|
|
40000
|
|
[Being
the part payment is made]
|
|
|
|
5
|
Nazriya's
A/c ......Dr.
|
|
20400
|
|
|
To
Bills Payable A/c
|
|
|
20400
|
|
[Being
the new bill is accepted along with interest]
|
|
|
|
6
|
Bills
payable A/c ......Dr.
|
|
20400
|
|
|
To
Bank A/c
|
|
|
20400
|
|
[Being
the new bill is duly honoured]
|
|
|
|
Advertisement
Nazriya draws a bill on Anitha for Rs. 60,000 at 4 months. Anitha accepts the bill and returns it to Nazriya who discounts the bill with the bank at a discount of 10% p.a. Before the due date of Bill Anitha requested Nazriya to accept Rs. 40000 in cash and draw a bill for the balance plus interest at 12% p.a. for two months. Nazriya 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 Anitha.
Journal Entries in the Books of Anitha.