Question

On 10th April, 2018, Ravi purchased from Mohan goods for ₹ 30,000 plus CGST and SGST @ 9% each. Ravi paid ₹ 15,400 in cash and accepted a bill for two months for the balance amount drawn on him by Mohan. Mohan endorsed the bill to Rakesh. The bill was dishonoured on the due date. Rakesh had to spend ₹ 100 as noting charges.
Immediately after the dishonour, Mohan accepted a new bill drawn by Rakesh, in which ₹ 200 for interest were also included. After 20 days of the dishonour of the bill, Ravi paid full amount of Mohan including ₹ 50 as interest. Show Journal entries in the books of Ravi, Mohan and Rakesh.

Answer 1

Books of Mohan Journal
Date	Particulars		L.F.	Debit Amount (₹)	Credit Amount (₹)
2018
Apr. 10	Ravi	Dr.		35,400
	To Sales A/c				30,000
	To Output CGST A/c				2,700
	To Output SGST A/c				2,700
	(goods sold plus 9% intra-state GST)
Apr. 10	Bills Receivable A/c	Dr.		20,000
	Cash A/c	Dr.		15,400
	To Ravi				35,400
	(Ravi paid in part and accepted the bill for remaining amount)
Apr. 10	Rakesh	Dr.		20,000
	To Bills Receivable A/c				20,000
	(Bill endorsed in favour of Rakesh)
June 13	Ravi	Dr.		20,100
	To Rakesh				20,100
	(Bill dishonoured on due date and noting charges to be paid)
June 13	Interest A/c	Dr.		200
	To Rakesh				200
	(Interest due to be paid to Rakesh)
June 13	Rakesh	Dr.		20,300
	To Bills Payable A/c				20,300
	(Bill drawn by Rakesh, accepted)
July 03	Ravi	Dr.		50
	To Interest A/c				50
	(Interest due to be received)
July 03	Cash A/c	Dr.		20,150
	To Ravi				20,150
	(Cash received from Ravi)

Books of Ravi Journal
Date	Particulars		L.F.	Debit Amount (₹)	Credit Amount (₹)
2018
Apr. 10	Purchases A/c	Dr.		30,000
	Input CGST A/c	Dr.		2,700
	Input SGST A/c	Dr.		2,700
	To Mohan				35,400
	(goods purchased plus 9% intra-state GST)
Apr. 10	Mohan	Dr.		35,400
	To Bills Payable A/c				20,000
	To Cash A/c				15,400
	(Part payment made and for the remaining amount bill drawn by Mohan, accepted)
June 13	Bills Payable A/c	Dr.		20,000
	Noting Charges A/c	Dr.		100
	To Mohan				20,100
	(Bill dishonoured on due date and noting charges to be paid)
July 03	Interest A/c	Dr.		50
	To Mohan				50
	(Interest due to be paid)
July 03	Mohan	Dr.		20,150
	To Cash A/c				20,150
	(Cash paid to Mohan)

Books of Rakesh Journal
Date	Particulars		L.F.	Debit Amount (₹)	Credit Amount (₹)
2018
Apr. 10	Bills Receivable A/c	Dr.		20,000
	To Mohan				20,000
	(Bill receivable received from Mohan)
June 13	Mohan	Dr.		20,100
	To Bills Receivable A/c				20,000
	To Cash A/c				100
	(Bill dishonoured on due date and noting charges paid)
June 13	Mohan	Dr.		200
	To Interest A/c				200
	(Interest due to be received)
June 13	Bills Receivable A/c	Dr.		20,300
	To Mohan				20,300
	(Mohan accepted the new bill)