Sukhdev sold goods to Namdev worth Rs. 30000 on 1st March 2013. Namdev accepted a bill for Three months, drawn by Sukhdev on 1st March 2013.
Solution:
Journal Entries in the Books of Sukhdev. [Drawer]
Date

Particulars

L.F.

Debit
(Rs.)

Credit
(Rs.)

1.3.13

Namdev A/c ... Dr.

30000
 
To Sales A/c

30000
 
[Being Goods are sold on credit]
 
1.3.13

Bills Receivable A/c ... Dr.

30000
 
To Namdev A/c

30000
 
[Being the bill is drawn]
 
21.5.13

Namdev A/c ... Dr.

30000
 
To Bills Receivable A/c

30000
 
[Being the bill is dishonoured]
 
21.5.13

Namdev A/c ... Dr.

400
 
To Interest A/c

400
 
[Being the Interst is charged on Balance Amount]
 
21.5.13

Cash/Bank A/c ... Dr.

10000
 
To Namdev A/c

10000
 
[Being the part payment is made]
 
21.5.13

Bills Receivable A/c ... Dr.

20400
 
To Namdev A/c

20400
 
[Being the new bill is drawn along the interest]
 
24.7.13

Cash / Bank A/c ... Dr.

20400
 
To Bills Receivable A/c

20400
 
[Being the new bill is duly honoured]

Pleas give the working note
ReplyDeleteInterest amount is 2400?
ReplyDeleteThe interest amount is supposed to be 2400 and not 400
ReplyDeleteThe interest amount is 400 only we have to find on 2 month given 20000×12/100=2400 then 2400×2/12=400
ReplyDelete