PRACTICAL PROBLEMS

Journalise the following bill transactions in the books of Gopal as on 14^th August, 2010.

1. Shruti’s acceptance to Gopal Rs 4,500 retired one month before due date at rebate 10% p.a.

2. Discounted 3 months acceptance of Chandrakant for Rs 3,500 with bank @ 12% p.a.

3. Received cheque Rs 2,000 and 2 months acceptance drawn on Sushama for Rs 10,000 for the balance due on her account.

4. Endorsed Shantaram’s acceptance at 2 months of Rs 5,000 in favour of Balchandra and paid cash Rs 2,500 in full settlement of this account Rs 7,800.

5. Sold goods of Rs 13,500 on credit to Nanda. Drew 2 months bill on her. Which is duly accepted and returned by her.

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Solution

Books of Gopal

Journal Entry

Date

Particulars

L.F.

Debit Amount

Rs

Credit Amount

Rs

2010

Aug.14

Cash/Bank A/c

Dr.

4,462

1.

Rebate A/c

Dr.

38

To Bills Receivable A/c

4,500

(Bill retired under the rebate of 10% per annum, one before the due date)

Aug.14

Bank A/c

Dr.

3,395

2.

Discount A/c

Dr.

105

To Bills receivable A/c

3,500

(Bill discounted with Bank @ 12% per annum before 3 months)

Aug,14

Bank A/c

Dr.

2,000

3.

Bills Receivable A/c

Dr.

10,000

To Sushama

12,000

(cheque received for Rs 20,000 and for Rs 10,000 bill has been drawn and accepted)

Aug.14

Balchandra

Dr.

7,800

4.

To Cash A/c

2,000

To Discount Received A/c

800

To Bills Receivable A/c

5,000

(Cash of Rs 2,000 paid and bill for Rs 5,000 endorsed to Balchandra, a creditor, in full settlement of his account of Rs 7,800)

Aug.14

Nanda

Dr.

13,500

5.

To Sales A/c

13,500

(Goods sold to Nanda on credit)

Aug.14

Bills Receivable A/c

Dr.

13,500

To Nanda

13,500

(Bill drawn and accepted)

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Books of Gopal
Journal Entry
Date	Particulars		L.F.	Debit Amount Rs	Credit Amount Rs
2010
Aug.14	Cash/Bank A/c	Dr.		4,462
1.	Rebate A/c	Dr.		38
	To Bills Receivable A/c				4,500
	(Bill retired under the rebate of 10% per annum, one before the due date)

Aug.14	Bank A/c	Dr.		3,395
2.	Discount A/c	Dr.		105
	To Bills receivable A/c				3,500
	(Bill discounted with Bank @ 12% per annum before 3 months)

Aug,14	Bank A/c	Dr.		2,000
3.	Bills Receivable A/c	Dr.		10,000
	To Sushama				12,000
	(cheque received for Rs 20,000 and for Rs 10,000 bill has been drawn and accepted)

Aug.14	Balchandra	Dr.		7,800
4.	To Cash A/c				2,000
	To Discount Received A/c				800
	To Bills Receivable A/c				5,000
	(Cash of Rs 2,000 paid and bill for Rs 5,000 endorsed to Balchandra, a creditor, in full settlement of his account of Rs 7,800)

Aug.14	Nanda	Dr.		13,500
5.	To Sales A/c				13,500
	(Goods sold to Nanda on credit)

Aug.14	Bills Receivable A/c	Dr.		13,500
	To Nanda				13,500
	(Bill drawn and accepted)