Journalise the following in the books of Harish.
Harish sends Hari's acceptance for ₹ 26,000 to Babu to meet his acceptance for the like amount in favour of Babu.

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Solution

Journal

in the books of Harish

Date

Particulars

L.F.

Debit

Amount

(₹)

Credit

Amount

(₹)

Bills Payable A/c

Dr.

26,000

To Bills Receivable A/c

26,000

(Babu’s bill sent for settling own acceptance)

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Similar questions

On 1.1.2011, Pawan sold goods to Harish on credit for Rs. 25,000. Pawan drew a bill for the same amount for two months and sent it to Harish for his acceptance on the same day. On 5.1.2011 Pawan got the acceptance of Harish. In this case, before 5.1.2011 what is the status of the bill?

Q. Journalise the following in the books of Hari.
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PRACTICAL PROBLEMS

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On the due date Prakash Patil’s honoured his acceptance while Chandu Chaudhari unable to meet the payment for his acceptance. Magan Mahajan’s bank paid noting charges Rs 100.

Pass Journal entries in the books of Magan Mahajan and also prepare Prakash Patil’s and Magan Mahajan ledger account in the books of Chandu Chaudhari.

Q. Vishal sold goods for ₹ 7,000 to Manju on Jan. 5, 2017 and drew upon her a bill of exchange payable after 2 months. Manju accepted Vishal's draft and handed over the same to Vishal after acceptance. Vishal immediately discounted the bill with his bank @ 12% p.a. On the due date Manju met her acceptance. Journalise the above transactions in the books of Vishal and Manju.

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Journal in the books of Harish
Date	Particulars		L.F.	Debit Amount (₹)	Credit Amount (₹)
	Bills Payable A/c	Dr.		26,000
	To Bills Receivable A/c				26,000
	(Babu’s bill sent for settling own acceptance)

Journalise the following in the books of Harish. Harish sends Hari's acceptance for ₹ 26,000 to Babu to meet his acceptance for the like amount in favour of Babu.

Journal in the books of Harish Date Particulars L.F. Debit Amount (₹) Credit Amount (₹) Bills Payable A/c Dr. 26,000 To Bills Receivable A/c 26,000 (Babu’s bill sent for settling own acceptance)

Journalise the following in the books of Harish.
Harish sends Hari's acceptance for ₹ 26,000 to Babu to meet his acceptance for the like amount in favour of Babu.

Journal

in the books of Harish

Date

Particulars

L.F.

Debit

Amount

(₹)

Credit

Amount

(₹)

Bills Payable A/c

Dr.

26,000

To Bills Receivable A/c

26,000

(Babu’s bill sent for settling own acceptance)