Page 302 - VIRANSH COACHING CLASSES

In the books of Nishant
Journal
Date Particulars L. F. Debit Credit
Amount ` Amount `
2019 Bills Receivable A/c ...........................................Dr. 25,000
July 17 To Abhinav’s A/c 25,000
(Being bill drawn and acceptance received)
July 17 Bank A/c ............................................................Dr. 24,219
Discount A/c ........................................................Dr. 781
To Bills Payable A/c 25,000
(Being Abhinav’s acceptance discounted with bank
at 12.5% p.a. for 3 months)
Oct. 20 Abhinav’s A/c .................................................... Dr. 25,000
To Bank A/c 25,000
(Being discounted bill dishonoured)
Oct. 20 Abhinav’s A/c .....................................................Dr. 1,800
To Interest A/c 1,800
(Being interest due)
Oct. 20 Bank A/c .............................................................Dr. 5,800
To Abhinav’s A/c 5,800
(Being Cheque received)
Oct. 20 Bills Receivible A/c ............................................Dr. 21,000
To Abhinav’s A/c 21,000
(Being acceptance given to new bill drawn)
Dec. 20 Cash / Bank A/c .................................................Dr. 20,250
Rebate / Discount A/c .........................................Dr. 750
To Bills Receivable A/c 21,000
(Being new bill retired one month before due date
and
rebate allowed)
12. Sanjay sold goods of ` 45,000 to Govind at 10% Trade discount. Govind paid 1/3 of the
rd
amount immediately at a cash discount of ` 1,000 and for the balance accepted a bill for 3
months. Sanjay endorsed the bill to Aadesh on the same day in full settlement of his account `
27,500. On the due date the bill was dishonoured by Govind and noting charges paid by Aadesh
` 450. Govind requested Sanjay to renew the bill. Sanjay agreed on condition that Govind
should pay ` 5,250 immediately along with noting charges and for the balance Govind should
accept a new bill for 2 months alosg with interest ` 1,500. Govind agreed to these contritions
and these arrangements were carried through. Sanjay paid Aadesh balance due to him. On the
due date of the new bill Govind dishonoured the bill.
Give journal entries in the books of Sanjay and prepare Sajnay’s account in the books of
Govind.

293