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

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]