A bill of exchange of Rs. 2000 is endorsed in favour of Krishan a creditor of Rs.2100 in full settlement. By what amount Krishan will be debited?
Rs 1900
Rs 2000
Rs 2100
None of the above
Krishan will be debited by Rs 2100.
On March 15, 2010 Ramesh sold goods for Rs. 8,000 to Deepak on credit. Deepak accepted a bill of exchange drawn upon him by Ramesh payable after three months. On April, 15 Ramesh endorsed the bill in favour of his creditor Poonam in full settlement of her debt of Rs. 8,250. On May 15, Poonam discounted the bill with her bank @ 12% p.a. On the due date Deepak met the bill. Record the necessary journal entries in the books of Ramesh.
On 1st January, X sold goods worth Rs. 1,00,000 to Y and drew a bill on Y at 3 months for the amount. Y accepted the bill and returned it to X who endorsed the bill a month after the acceptance, in favour of a creditor Z in full settlement of his debt for Rs. 1,02,000. The bill is duly honoured at maturity. Pass the necessary journal entries in the books of X, Y and Z.
Asertain the appropriate missing figures by preparing Total Creditors Account from the following information : Creditors as on March 31, 2018 Rs. 6,000, Creditors as on March 31, 2017 Rs. 36,000, Cash paid to creditors Rs. 1,04,400, Discount allowed by creditors Rs 2,000, Purchase return Rs. 2,000, Bills payables accepted Rs. 34,000, Cheques issued to creditors Rs. 20,000, Bills receivables endorsed in favour of creditors Rs. 40,000 out of which 25% bills were dishonoured.