On February 2, 2011, Verma purchased from Sharma Goods for Rs. 17,500. Verma paid Rs. 2,500 immediately and for the balance gave a bill to Sharma payable after 60 days.
Sharma immediately endorsed the bill in favour of his creditor Gupta for the fulll settlement of a debt of Rs. 15, 400. On the due date of the bill, Gupta presented the bill to Verma which the latter dishonoured and Gupta paid Rs. 50 as noting charges. On the same date, Gupta informed Sharma about the dishonour of the bill. Sharma settled his debt to Gupta by cheque for Rs. 15,500 which includes nothing charges and interest. Verma settled Sharma's claim by cheque for the same amount.
Record the necessary journal entries is the books of Sharma, Gupta and Verma for the above transaction and prepare Verma's and Gupta's Accounts in the books of Sharma, Sharma's account in the book of Verma and also Sharma's Account in the books of Gupta.

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On February 2, 2011, Verma purchased from Sharma Goods for Rs. 17,500. Verma paid Rs. 2,500 immediately and for the balance gave a bill to Sharma payable after 60 days.
Sharma immediately endorsed the bill in favour of his creditor Gupta for the fulll settlement of a debt of Rs. 15, 400. On the due date of the bill, Gupta presented the bill to Verma which the latter dishonoured and Gupta paid Rs. 50 as noting charges. On the same date, Gupta informed Sharma about the dishonour of the bill. Sharma settled his debt to Gupta by cheque for Rs. 15,500 which includes nothing charges and interest. Verma settled Sharma's claim by cheque for the same amount.
Record the necessary journal entries is the books of Sharma, Gupta and Verma for the above transaction and prepare Verma's and Gupta's Accounts in the books of Sharma, Sharma's account in the book of Verma and also Sharma's Account in the books of Gupta.

On 2nd February, 2016, A purchased from B goods for Rs. 17,500. A paid Rs. 2,500 immediately and for the balance gave a promissory note to B, payable after 60 days. B immediately endorsed the promissory note in favour of his creditor C for the full settlement of a debt of Rs. 15,400. On the due date of the bill, C presented the bill to A, which the latter dishonoured and C paid Rs. 50 as noting charges. On the same date, C informed B about the dishonour of the bill and B immediately settled his debt to C by cheque for Rs. 15,050 which includes noting charges. A settled B's claim by cheque for the same amount. Record the necessary journal entries in the books of B.

Q. On March 4, 2017, A purchased from B goods for ₹ 50,000. A paid 40% immediately and for the balance gave a promissory note to B payable after 30 days. B immediately endorsed the promissory note in favour of his creditor C for the full settlement of a debt of ₹ 31,000. On the due date the bill was dishonoured and C paid ₹ 100 as noting charges. On the same date C informed B about the dishonour of the bill. B settled his debt to C by cheque for ₹ 30,100 which includes noting charges. A settled B's claim by cheque for the same amount.
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Abdula sold goods to Tahir on Jan 17, 2017 for Rs 18,000. He drew a bill of exchange for the same amount on Tahir for 45 days. On the same date Tahir accepted the bill and returned it to Abdulla. On the due date Abdulla presented the bill to Tahir which was dishonoured. Abdulla paid Rs 40 as noting charges. Five days after the dishonour of his acceptance Tahir settled his debt by making a payment of Rs 18,700 including interest and noting charges. Record the necessary journal entries in the books of Abdulla and Tahir. Also prepare Tahir's account in the books of Abdulla and Abdulla's account in the books of Tahir.

Abdulla sold goods to Tahir on January 17, 2011 for Rs. 18,000. He drew a bill of exchange for the same amount on Tahir for 45 days. On the same date, Tahir accepted the bill and returned it to abdulla. On the due date, Abdulla presented the bill to Tahir which was dishonoured. Abdulla paid Rs. 40 as nothing charges. Five days after the dishonour of his acceptance, Tahir settled his debt by making a payment of Rs. 18,700 including interest and noting chares.
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