Sukhdev sold goods to Namdev worth Rs. 30000 on 1st March 2013.

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]



10 comments:

  1. Pleas give the working note

    ReplyDelete
  2. The interest amount is supposed to be 2400 and not 400

    ReplyDelete
    Replies
    1. The in interest is mentioned there for 2 months and 2400 is for whole year so 2400/12=200per month
      2 month = 200 ×2=400

      Delete
    2. The interst will he charged for 2 months not for whole year,so amount of interest (for whole year is 2400 which is obtained by calculating 12% on 20.000/- and for two months it will be 2400*2/12=400/-)

      Delete
  3. The interest amount is 400 only we have to find on 2 month given 20000×12/100=2400 then 2400×2/12=400

    ReplyDelete
  4. Thanks for solution ♥️

    ReplyDelete