Page 296 - VIRANSH COACHING CLASSES

In the books of Nisha
Journal
Date Particulars L. F. Debit Credit
Amount ` Amount `
1. Asha’s A/c ..........................................................Dr. 34,000
To Sales A/c 34,000
(Being goods sold on credit)
2. Bills Receivable A/c ...........................................Dr. 24,000
Cash A/c ..............................................................Dr. 10,000
To Asha’s A/c 34,000
(Being part of the amount received in cash and for
balance bill drawn and acceptance received)
3. Bank of Maharashtra A/c ...................................Dr. 23,700
Discount A/c ........................................................Dr. 300
To Bills Receivable A/c 24,000
(Being Asha’s acceptance discount for 1 month @
15% p.a.)
4. Asha’s A/c ...........................................................Dr. 24,000
To Bank of Maharashtra A/c 24,000
(Being Asha’s acceptance dishonoured)
5. Asha’s A/c ...........................................................Dr. 550
To Interest A/c 550
(Being interest due from Asha)
6. Cash / Bank A/c ..................................................Dr. 4,550
To Asha’s A/c 4,550
(Being part payment received along with interest)
7. Bills Receivable A/c ...........................................Dr. 20,000
To Asha’s A/c 20,000
(Being new bill drawn for balance and
acceptance received)
8. Asha’s A/c ..........................................................Dr. 20,000
To Bills Receivable A/c 20,000
(Being Asha’s acceptacne dishonoured)
9. Cash / Bank A/c ..................................................Dr. 8,000
Bad Debts A/c .....................................................Dr. 12,000
To Asha’s A/c 20,000
(Being amount received in full settlement
and bad debts written off)
Working Note :-
Calculation of interest and amount of new bill.
Amount of old bill = ` 24,000
Part Payment Balance (New Bill)
` 4,000 ` 20,000
(+) ` 550 Interest
11 3
` 4,550 Interest on Balance = ` 20,000 × ×
100 12
= ` 550 (added to part payment)

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