Question

# Asha sold goods worth Rs 19,000 to Nisha on March 02, 2017. Rs 4,000 were paid by Nisha immediately and for the balance she accepted a bill of exchange drawn upon her by Asha payable after three months. Asha discounted the bill immediately with her bank. On the due date Nisha dishonoured the bill and the bank paid Rs 30 as noting charges. Record the necessary journal entries in the books of Asha and Nisha.

Solution

## Books of Asha Journal Date   Particulars   L.F. Debit Amount Rs Credit Amount Rs 2017             Mar.02 Nisha Dr.   19,000       To Sales A/c       19,000   (Goods sold to Nisha)                       Mar.02 Cash A/c Dr.   4,000     Bills Receivable A/c Dr.   15,000       To Nisha       19,000   (Cash and Nisha's acceptance received)                     Mar.02 Bank A/c Dr.   14,635     Discount A/c Dr.   375       To Bills Receivable A/c       15,000   (Nisha's aceptance discounted with bank at 10% p.a.)           Note: In this question rate of discount is not  given, the rate of discount (10% p.a.) has been  assumed).                     June.05 Nisha Dr.   15,030       To Bank A/c       15,030   (Nisha's acceptance dishonoured and bank  paid Rs 30 as noting charges)                                       Books of Nisha Journal Date   Particulars   L.F. Debit Amount  Rs Credit Amount Rs 2017           Mar.02 Purchases A/c Dr.   19,000       To Asha       19,000   (Goods bought from Asha)                       Mar.02 Asha Dr.   19,000       To Bills Payable A/c       15,000     To Cash A/c       4,000   (Asha's bill accepted payable after three month and Rs 4,000 paid in cash)                     Jun.05 Bills Payable A/c Dr.   15,000     Noting Charges A/c Dr.   30       To Asha       15,030   (Asha’s bill dishonoured)                                           AccountancyFinancial Accounting- I - NCERT Solutions (2019)All

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