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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Solution

In the Books of Tanu
Journal Entries
Date Particulars LF Amt.(Dr) Amt.(Cr)
Jan $1$ Bills Receivable A/c Dr
To Harsh
(Being acceptance received from Harsh for a month)
$10, 000$ $10, 000$
Jan $1$ Bank A/c Dr
Discount A/c Dr
To Bills Receivable A/c
(Being bill discounted with the bank at the rate of $8 %$ per annum
$9, 933$
$67$
$10, 000$
Feb $4$ Harsh Dr
To Bank A/c
(Being a cheque sent to Harsh on due date for paying off accommodation bill)
$10, 000$ $10, 000$

In the Books of Harsh
Journal Entries
Date Particulars LF Amt.(Dr) Amt.(Cr)
$2011$
Jan $1$ Tanu Dr
To Bills Payable A/c
(Being acceptance received for one month)
$10, 000$ $10, 000$
Feb $4$ Bank A/c Dr
To Tanu
(Being cheque received from Tanu on due date)
$10, 000$ $10, 000$
Feb $4$ Bills Payable A/c Dr
To Bank A/c
(Being acceptance paid on maturity)
$10, 000$ $10, 000$

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Similar questions

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.

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.

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.

On January 1, 2011, Bhanu and Naman drew on each other a bill for Rs.8,000 payable 3 months after the due date for their Mutual Benefit. On January 2, they discounted with their bank each other's bill at 5% per annum. On the due date, each met his own's acceptance.

Give Journal entry in the books of Bhanu and Naman.

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.

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Date	Particulars	LF	Amt.(Dr)	Amt.(Cr)

Jan $1$	Bills Receivable A/c Dr To Harsh (Being acceptance received from Harsh for a month)		$10, 000$	$10, 000$
Jan $1$	Bank A/c Dr Discount A/c Dr To Bills Receivable A/c (Being bill discounted with the bank at the rate of $8 %$ per annum		$9, 933$ $67$	$10, 000$
Feb $4$	Harsh Dr To Bank A/c (Being a cheque sent to Harsh on due date for paying off accommodation bill)		$10, 000$	$10, 000$