Question

Following was the position of debtor and creditor of Gautam as on 1. 1. 2011.
$$\begin{array}{ccc}\text{Items}& \text{Debtors}& \text{Creditors}\\ \text{Babu}& 5,000& \underset{–}{}\\ \text{Chanderkala}& 8,000& \underset{–}{}\\ \text{Kiran}& 13,500& \underset{–}{}\\ \text{Anita}& 14,000& \underset{–}{}\\ \text{Anju}& \underset{–}{}& 5,000\\ \text{Sheiba}& \underset{–}{}& 12,000\\ \text{Manju}& \underset{–}{}& 6,000\end{array}$$
The Following tansactions took place in the month of Jan 2011
Jan 2
Drew on Babu at two months after date at full settlement for Rs. 4,800.
Babu accepted the bill and returned it on 5.1.2011
Jan 4
Babu's Bill discounted for Rs. 4,750.
Jan 8
CHanderkala sent a promissory note for Rs. 8,000 payable three months after date.
Jan 10
Promissory note received from chanderkala discounted for Rs. 7,900.
Jan 12
Accepted sheiba draft for the amount due payable two months after the date
Jan 22
Anita sent his promissory note payable after two months.
Jan 23
Anita's Promissory Note endorsed in favour of Manju.
Jan 25
Accepted Anju's draft payable after three months.
Jan 29
Kiran sent Rs. 2,000 in cash and a promissory note for the balance payable after three months.

Record the above transactions in the proper subsidiary books.

Answer 1

Bills Receivable Book
$$\begin{array}{ccccccccccccc}\text{No.}& \text{Date of bill}& \text{Date received}& \text{From Whom of bill}& \text{Drawer whom received}& \text{Acceptor}& \text{Where}& \text{term payable}& \text{Due date}& \text{LF}& \text{Amt}.& \text{Cash Book Folio}& \text{Remarks}\\ 1& \text{Jan 2}& \text{Jan 5}& \text{Babu}& \text{Self}& \text{Babu}& & \text{2 months}& \text{Mar 5}& & 4,800& & \\ & & & & & & & & \text{Total}& & 4,800& & \end{array}$$
Bills Payable Book
$$\begin{array}{cccccccccccc}\text{No}& \text{Date of Bill}& \text{To}& \text{Drawer}& \text{Payee}& \text{Where Payable}& \text{Term}& \text{Due date 2011}& \text{Ledger}& \text{Date Paid}& \text{Cash book}& \text{Remarks}\\ 1& \text{Jan 12}& \text{Sheiba}& & \underset{–}{}& & \text{2 months}& \text{Mar 15}& & \text{12,000}& & \\ 2& \text{Jan 25}& \text{Anju}& & \underset{–}{}& & \text{2 months}& \text{Apr 28}& & 5,000& & \\ & & & & & & & \text{Total}& & 17,000& & \end{array}$$
Dr Cash Book Cr
$$\begin{array}{cccccccccc}\text{Date}& \text{Particular}& \text{JF}& \text{Cash}& \text{Bank}& \text{Date}& \text{Particular}& \text{JF}& \text{Cash}& \text{Bank}\\ 2011& & & & & 2011& & & & \\ \text{Jan 4}& \text{To Bills}& & & & & & & & \\ & \text{Receivable A/c}& & & 4,750& & & & & \\ \text{Jan 10}& \text{To Bills Recble A/c}& & & 7,900& & & & & \\ \text{Jan 29}& \text{To Kiran}& & & & \text{Jan 31}& \text{By Balance}& & & \\ & \text{A/c}& & 2,000& & & \text{c/d}& & 2,000& 12,650\\ & & & \underset{–}{}& \underset{–}{}& & & & \underset{–}{}& \underset{–}{}\\ & & & 2,000& 12,650& & & & 2,000& 12,650\\ & & & \underset{–}{}& \underset{–}{}& & & & \underset{–}{}& \underset{–}{}\end{array}$$
In The Books of Gautam Journal Entries
$$\begin{array}{ccccc}\text{Date}& \text{Particular}& \text{LF}& \text{Amt.(Dr)}& \text{Amt(Cr.)}\\ 2011& & & & \\ \text{Jan 5}& \text{Discount allowed A/c}\text{Dr}& & 200& \\ & \text{To Babu}& & & 200\\ & \text{(Being Babu's acceptance received and allowed him discount)}& & & \\ & \underset{–}{}& & & \\ \text{Jan 4}& \text{Discount A/c}\text{Dr}& & 50& \\ & \text{To Bills Receivable A/c}& & & 50\\ & \text{(Being Babu's acceptance discounted with a discount of Rs. 50)}& & & \\ & \underset{–}{}& & & \\ \text{Jan 8}& \text{Bills Receivable A/c}\text{Dr}& & 8,000& \\ & \text{To Chanderkala}& & & 8,000\\ & \text{(Being Promissory ote from Chanderkala received)}& & & \\ & \underset{–}{}& & & \\ \text{Jan 10}& \text{Discount A/c}\text{Dr}& & 100& \\ & \text{To Bills Receivable A/c}& & & 100\\ & \text{(Being Chanderkala's promissory note discounted with bank at discount of Rs. 100)}& & & \\ & \underset{–}{}& & & \\ \text{Jan 22}& \text{Bills Receivable A/c}\text{Dr}& & 14,000& \\ & \text{To Anita}& & & 14,000\\ & \text{(Being promissory note received from Anita)}& & & \\ & \underset{–}{}& & & \\ \text{Jan 23}& \text{Manju}\text{Dr}& & 14,000& \\ & \text{To Bills Receivable A/c}& & & 14,000\\ & \text{(Being Anita's promissory note endorsed to Manju)}& & & \\ & \underset{–}{}& & & \\ \text{Jan 29}& \text{Bills Receivable A/c}\text{Dr}& & 11,500& \\ & \text{To Kiran}& & & 11,500\\ & \text{(Being promissory note from Kiran Received)}& & & \\ & \underset{–}{}& & & \end{array}$$