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. ]



35 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
    6. 40000×12÷100=4800 it is for 12 months and we have to calculate for 4 months so 4800÷4=1200

      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
    Replies
    1. 20300 is not interest, 20000 is the remaining amount paid in cash and 300 is the noting charges which is supposed to pay alongwith part payment

      Delete
    2. Bhai 6th entry mai remaining amount+ intrest add hua hai
      Toh noting charges bhi add rahega na 🤔

      Delete
  7. Arey yarr yeh 7th walla entry atta hi nahi hai dishonored hua krke mention nhi kiya toh kaise liya aapne dishonored ki entry?

    ReplyDelete
    Replies
    1. Bro waha pee woh manali insolvent hoo gayi haii soo woh bill dishonor hi hogaa naa

      Delete
  8. If we have written the int entry before the part payment entry so are they gonna deduct the marks ???

    ReplyDelete
  9. If we have written the part payment entry before the entry of interest so are they gonna deduct the marks ???

    ReplyDelete
  10. Insolvency mai to cash received ka bank a/c ata hai na ?

    ReplyDelete
  11. Can I omit this chp plzzzzzz

    ReplyDelete