On 1st January, 1988 Vandana drew a bill for Rs. 6,000 for 2 months periods on Lata. Lata duly accepted the bill. On 4th January 1988 Vandana discounted the bill with her bank for Rs. 5850. However, on the due date the bill was dishonoured. Lata agreed to accept a new bill with an interest of Rs. 100 for a period of one month. The bill was duly met on the due date. Give the journal entries in the books of Vandana and show Vandana’s account in the books of Lata.



Journal Entries In the Books of Vandana

Date
Particulars
LF
Debit
(Rs)
Credit
(Rs)
1.1.88
Bills Receivable A/c ....Dr.

6000


To Lata's A/c


6000

[Being the bill is drawn]



4.1.88
Bank A/c ....Dr.

5850


Discount A/c ....Dr.

150


To Bills Receivable A/c


6000

[Being the bill is discounted]



4.3.88
Lata's A/c ....Dr.

6000


To Bank A/c


6000

[Being the Discounted bill is dishonoured]



4.3.88
Lata's A/c ....Dr.

100


To Interest A/c


100

[Being the Interest is Charged]



4.3.88
Bills Receivable A/c ....Dr.

6100


To Lata's A/c


6400

[Being the new bill is drawn along with interest]



7.4.88
Bank A/c ....Dr.

6100


To Bills Receivable A/c


6100

[Being the new bill is duly honoured]





In the Books of Lata
Vandana's A/c

Date
Particulars
J
F
Amount
Date
Particulars
J
F
Amount
1.1.88
To Bills Payable A/c

6000
1.1.88
By Balance b/d

6000
4.3.88
To Bills Payable A/c

6100
4.3.88
By Bills Payable A/c

6000




4.3.88
By Interest A/c





12100



12100

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