Page 301 - VIRANSH COACHING CLASSES

In the books of Navin
Journal

Date Particulars L. F. Debit Credit
Amount ` Amount `
2019 Purchases A/c ......................................................Dr. 40,000
June 18 To Rohan’s A/c 40,000
(Being goods bought on credit)
June 18 Rohan’s A/c. .......................................................Dr. 40,000
To Bills Payable A/c 40,000
(Being our acceptance given)
Sep. 21 Bills Payabe A/c .................................................Dr. 40,000
Noting Charges A/c .............................................Dr. 350
To Rohan’s A/c 40,350
(Being our acceptance dishonoured and noting
charges payable)
Sep. 21 Interest A/c ..........................................................Dr. 800
To Rohan’s A/c 800
(Being interest due)
Sep. 21 Rohan’s A/c .........................................................Dr. 1,150
To Bank A/c 1,150
(Being interest and Noting charges paid to Rohan)
Sep. 21 Rohan’s A/c .........................................................Dr. 40,000
To Bills Payable A/c 40,000
(Being acceptance given to new bill drawn)
Nov. 24 Bills Payable A/c ................................................Dr. 40,000
To Rohan’s A/c 40,000
(Being our acceptance dishonoured due to
insolvency)
Dec. 23 Rohan’s A/c .........................................................Dr. 40,000
To Cash A/c 24,000
To Deficiency A/c 16.000
(Being 60% paid as full and final settlement and
amount credited to deficiency account)

th
11. Nishant draws a bill for ` 25,000 on Abhinav for 3 months on 17 July, 2019. Nishant discounts
the bill with his Bankers at 12.5% p.a. on the same day. On the due date of bill Abhinav
requested Nishant to accept a crossed chequee of ` 5,800 including ` 1,800 for interest and to
draw bill for the balance for 3 months. Nishant agrees to this proposal. Before due date of new
bill Abhinav retires the bill for ` 20,250 one month before the due date.
Pass necessary journal entries in the books of Nishant.

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