Question

On Nov. 01, 2016 Sonia drawn a bill on sunny for Rs 15,000 for 3 months for mutual accommodation. Sunny accepts the bill and return it to sonia. Sonia discounted the same with his bankers @ 6% p.a. The proceeds are shared between sonia and sunny in proportion of 2/3rd, 1/3rd respectively. On the due date sonia remits his proportion to sunny who fails to met the bill and as a result sonia has to meet it. Sunny Give a fresh acceptance for the amount due to sonia plus interest of Rs 100 sunny meet his second acceptance on due date. Record the necessary journal entries in the books of sonia and sunny.

Answer 1

Books of Sonia Journal
Date			Particulars				L.F.	Debit Amount Rs	Credit Amount Rs
2016
Nov.01	Bills Receivable A/c					Dr.		15,000
				To Sunny					15,000
	(Sunny's acceptance received)
Nov.01	Bank A/c					Dr.		14,775
	Discount A/c					Dr.		225
			To Bills Receivable A/c						15,000
	(Bill discounted with banker at 6% p.a. for 3 months)
Nov.01	Sunny				Dr.			5,000
			To Cash A/c						4,925
			To Discount A/c						75
	(1/3rd amount of discounted bill remitted to Sunny)
2017
Feb.04	Sunny				Dr.			10,000
			To Cash A/c						10,000
	(Balance amount bill remitted to Sunny)
Feb.04	Sunny				Dr.			15,000
			To Bank A/c						15,000
	(Bill discounted with bank dishonoured)
Feb.04	Bank A/c				Dr.			15,000
			To Cash A/c						15,000
	(Cash paid to bank on account of dishonour of bill)
Feb.04	Sunny				Dr.			100
			To Interest A/c						100
	(Interest due from Sunny on account of dishounor of bill)
Feb.04	Bills Receivable A/c				Dr.			15,100
			To Sunny						15,100
	(Fresh acceptance received from Sunny)
	Cash A/c				Dr.			15,100
			To Bills Receivable A/c						15,100
	(Cash received on due date)

Note: In the question, the maturity date of the second bill is not mentioned; so, the date of honouring the bill has not been shown.

Books of Sunny Journal
Date		Particulars			L.F.	Debit Amount Rs	Credit Amount Rs
2016
Nov.01	Sonia			Dr.		15,000
			To Bills Payable A/c				15,000
	(Bill accepted payable after three months drawn by Sonia)
Nov.01	Cash A/c			Dr.		4,925
	Discount A/c			Dr.		75
		To Sonia A/c					5,000
	(1/3rd amount of the discounted bill received from Sonia)
2017
Feb.04	Cash A/c			Dr.		10,000
		To Sonia					10,000
	(Balance amount of bill due from Sonia received)
Feb.04	Bills Payable A/c			Dr.		15,000
		To Sonia					15,000
	(Bill drawn by Sonia dishonoured on due date)
Feb.04	Interest A/c			Dr.		100
		To Sonia					100
	(Interest due to Sonia)
Feb.04	Sonia			Dr.		15,100
		To Bills Payable A/c					15,100
	(The second bill accepted)
	Bills Payable A/c			Dr.		15,100
		To Cash A/c					15,100
	(Sonia's acceptance met on due date)