March 2018, Q. 4. Bills of Exchange Solution: Click here to get the Solution.

Q. 4. Bills of Exchange Solution: Click here to get the Solution.

Journal Entries in the books of Sayali.

Date
Particulars
L.F.
Debit (Rs.)
Credit (Rs.)
(1)
Manali’s A/c ....... Dr.

40000


To Sales A/c


40000

[Being the goods are sole]








(2)
Bills Receivable A/c .... Dr.

40000


To Manali’s A/c


40000

[Being the bill is drawn ]








(3)
Bank A/c .... Dr.

38800


Discount A/c ..... Dr

1200


To Bills Receivable A/c


40000

[Being the bill is discounted]








(4)
Manali’s A/c .... Dr.

40300


To Bank A/c


40300

[Being the bill is dishonoured and noting charges charged]








(5)
Manali’s A/c .... Dr.

750


To Interest A/c


750

[Being the interest is charged]








(6)
Cash A/c ..... Dr.

20300


To Manali’s A/c


20300

[Being the part payment is made along with Noting charges]








(7)
Bills Receivable A/c .... Dr.

20750


To Manali’s A/c


20750

[Being the new bill is drawn along with interest]








(8)
Manali’s A/c .... Dr.

20750


To Bills Receivable A/c


20750

[Being the bill is dishonoured]








(9)
Cash A/c ... Dr.

8300


Bad debts A/c .... Dr.

12450


To Manali’s A/c


20750

[Being the drawee become insolvent and only 40 % of the amount could be recovered from her private estate. ]



22 comments:

  1. Interest is calculated on which amount??

    ReplyDelete
    Replies
    1. 2nd narration is also wrong it is acceptance received

      Delete
  2. 1200 discount kaise aya
    40000×12/100×4/12 ??

    ReplyDelete
    Replies
    1. 1600 aata ha .
      Ye wrong record ha

      Delete
    2. B cause statement ki 2 line read kro (after a month ) matalab 4 month la discount nhi hoga 3 month la hoga

      Delete
    3. It's 40000×12/100×3/12 = 1200

      Delete
    4. You all are counting interest for 4 months but in question it is given that after one month he discounted bill means we have to calculate interest for 3 months which is 1200

      Delete
    5. 20000 will be multiplied by 15/100 i.e 3000.
      and 3000 will be multiplied by 3/12 i.e 750

      Delete
  3. How calculate interest ?
    20300×15%×3months =761.25
    Apka 750 kaise aya

    ReplyDelete
  4. 20,300 par interest nikle ga

    ReplyDelete
  5. Discount is 1600
    You are recorded wrong 🤬

    ReplyDelete
    Replies
    1. You all are counting interest for 4 months but in question it is given that after one month he discounted bill means we have to calculate interest for 3 months which is 1200

      Reply

      Delete
  6. How to calculate interest on 20300

    ReplyDelete