Page 297 - VIRANSH COACHING CLASSES

7. On 15 September, 2019 Kunal purchased goods from Kishorilal for ` 38,000 and Kunal gave
th
his acceptance after sight for 60 days on18 September, 2019 for the amount due. Kishorilal
th
deposited the bill into bank for collection on the same day. Kunal honoured his acceptance on
the due date. Bank charged ` 150 as bank charges.
Give journal entries in the books of Kishorilal and Kunal.

In the books of Kishorilal
Journal

Date Particulars L. F. Debit Credit
Amount ` Amount `
2019 Kunal’s A/c ........................................................Dr. 38,000
Sept. 15 To Sales A/c 38,000
(Being goods sold on credit)
Sept. 18 Bills Receivable A/c ...........................................Dr. 38,000
To Kunal’s A/c 38,000
(Being after sight bill drawn and acceptance re-
ceived)
Sept. 18 Bills sent for collection A/c ................................Dr. 38,000
To Bills Receivable A/c 38,000
(Being Kunal’s acceptance sent to bank for collec-
tion)
Nov. 20 Bank A/c .............................................................Dr. 37,850
Bank Charges A/c ..............................................Dr. 150
To Bill sent for collection A/c 38,000
(Being bill sent for collection honoured on the due
date and bank charges debited)

In the books of Kunal
Journal
Date Particulars L. F. Debit Credit
Amount ` Amount `
2019 Purchases A/c ..................................................... Dr. 38,000
Sept. 15 To Kishorilal’s A/c 38,000
(Being goods purchased on credit
Sept. 18 Kishorilal’s A/c .................................................. Dr. 38,000
Bills Payable A/c 38,000
(Being acceptance given to bill drawn on us)
Nov. 20 Bills Payable A/c ............................................... Dr. 38,000
To Cash / Bank A/c
(Being our acceptance duly honoured on the due 38,000
date)

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