On January 1, 2011 Harsh accepted a month bill for Rs. 10,000 drawn on him by Tanu for latter's benefit. Tanu discounted the bill on same day at the rate of 8% per annum. On the due date, Tanu sent a cheque to Harsh for honour the bill. Harsh duly honoured his acceptance.
Record the journal entries in the books of Tanu and Harsh.

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On Jan. 01, 2017 Harsh accepted a month bill for Rs 10,000 drawn on him by tanu for latter’s benefit. Tanu discounted the bill on same day @ 8% p.a. On the due date tanu sent a cheque to Harsh for honour the bill. Harsh duly honoured his acceptance. Record the journal entries in the Books of Tanu and Harsh.

Q. On January

1

2011

, Harsh accepted a month bill for Rs.

10, 000

drawn on him by tanu for latter's benefit. Tanu discounted the bill on same day at the rate of

8 %

per annum. On the due date Tanu sent a cheque to Harsh for honour the bill. Harsh duly honoured his acceptance.
Record the Journal entries in the books of Tanu and Harsh.

PRACTICAL PROBLEMS

Sushant owes Surekha Rs 1,25,000 Surekha draws a bill for Rs 1,00,000 on Sushant for 4 months period and received the cheque for the balance. The bill is duly accepted and returned by Sushant. On the same date Surekha endorsed Sushant’s acceptance to Suresh.

On the due date Suresh informed Surekha that Sushant dishonoured his acceptance and Rs 3,175 paid as noting charges Surekha then drew a new bill for 3 month on Sushant including noting charges and interest Rs 4,000. On the due date bill was duly honoured by Sushant.

Write Journal entries in the books of Surekha and prepare Surekha’s account in the books of Sushant.

PRACTICAL PROBLEMS

On 1^st August, 2012 Omprakash drew a bill of Rs 10,000 for 60 days after date on Sharadchandra. On 15^th August, 2012 Omprakash purchased goods from Hariprasad for Rs 12,000. On the same date Omprakash endorsed Sharadchandra’s bill in favour of Hariprasad and paid the balance by cheque at 1% cash discount. On the same date Hariprasad discounted the bill with his bank for Rs 9,500.

On the due date Sharadchandra honoured his acceptance presented by Hariprasad.

You are required to pass journal entries in the books of Omprakash, Sharadchandra and Hariprasad.

Q. On 10th March, 2019, A draws on B a bill at 3 months for ₹ 20,000 which B accepts immediately and returns to A. The bill is honoured due date.
Pass necessary Journal entries in the books of both the parties.

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