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
ReplyDeleteYes i also want working note
DeleteInterest amount is 2400?
ReplyDeleteThe interest amount is supposed to be 2400 and not 400
ReplyDeleteThe in interest is mentioned there for 2 months and 2400 is for whole year so 2400/12=200per month
Delete2 month = 200 ×2=400
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/)
DeleteThe interest amount is 400 only we have to find on 2 month given 20000×12/100=2400 then 2400×2/12=400
ReplyDeleteThanks for solution ♥️
ReplyDeleteThank you !
ReplyDeleteThanks for solution
ReplyDelete