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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)

     

 

 

 

 

 

 

 

 

                 

 


Accountancy
Financial Accounting- I - NCERT Solutions (2019)
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