PRACTICAL PROBLEMS

Journalise the following transactions on following dates in the books of Ankur.

A. On 1^st April, 2011 Kiran informs Ankur that Kajol’s acceptance of Rs 8,000 endorsed to him dishonoured and noting charges paid Rs 250.

B. On 11^th April, 2011 Ankur renews his acceptance of Rs 7,400 to Amol by paying cash Rs 2,400 and accepting new bill for 2 months for the balance plus interest @ 15% p.a.

C. On 15^th April, 2011 Nilima retired her acceptance to Ankur of Rs 5,700 by paying cash Rs 5,300.

D. On 21^st April, 2011 recovered Rs 50% of the amount due, from the private estate of Liladhar who declared as insolvent, against his bill of Rs 3,800 which was dishonoured by him on 29^th December, 2010 and noting charges paid Rs 80.

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Solution

Books of Ankur

Journal Entry

Date

Particulars

L.F.

Debit Amount

Rs

Credit Amount

Rs

2011

Apr,01

Kajol

Dr.

8,250

A.

To Kiran

8,250

(Kajol’s acceptance endorsed to Kiran was dishonoured and noting charges incurred)

Apr.11

Ankur

Dr.

7,400

B.

To Bills Receivable A/c

7,400

(Bill cancelled for renewal)

Ankur

Dr.

125

To Interest A/c

125

(Interest charges due on Rs 5,000 @ 15% for 2 months)

Cash A/c

Dr.

2,400

Bills Receivable A/c

Dr.

5,125

To Ankur

7,125

(Cash received and new bill has been drawn and accepted including Interest charges)

Apr.15

Cash A/c

Dr.

5,300

C.

Rebate A/c

Dr.

400

To Bills Receivable A/c

5,700

(Bill retired under the rebate of Rs 400)

Apr.21

Cash/Bank A/c

Dr.

1,940

D.

Bad-Debts A/c

Dr.

1,940

To Liladhar

3,880

(Liladhar became insolvent and 50% of the amount recovered from his private estate)

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Similar questions

PRACTICAL PROBLEMS

Journalise the following transactions on following dates in the books of Gajanan

A. On 3^rd October, 2012 Bankatlal informs Gajanan that Navnath’s acceptance of Rs 16,000 endorsed to him dishonoured and noting charges paid Rs 200.

B. On 9^th October, 2012 Vishwanath’s acceptance for 120 days of Rs 15,500 dated 24^th September, 2008 deposited into bank for collections.

C. On 11^th October 2012 Gajanan sold goods to Kartik for Rs 4,500 and received own acceptance from him, which was given to milind of Rs 4,500 and due for payment on this date.

D. 20^th October, 2012 recovered 40% of the amount due the private estate of Jyoti who declared as insolvent, against bill accepted by her for Rs 6,000 which was dishonoured on 29^th September, 2008.

E. On 21^st October, 2012 Gajanan renews his acceptance of Rs 7,500 to Pandurang by paying cheque Rs 3,500 and accepting new bill for 2 months for the balance plus interest @ 18% p.a.

PRACTICAL PROBLEMS

Journalise the following bill transactions as on 31^st July, 2011 in the books of Pratapsing.

A. Renewed Vinyak’s acceptance of Rs 6,000 due on 31^st July, 2011 by accepting cash Rs 2,000 and drawing bill for the balance with interest @ 18% p.a. for 3 months.

B. Accepted a bill of Rs 5,000 at 3 months at sight, drawn by Arvind for the amount due to him Rs 6,000 and balance paid by cheque.

C. Jethabhai honoured his acceptance of Rs 9,800 which was deposited into bank for collection and bank debited Rs 80 for bank charges.

D. Bank informed that Prajakta’s acceptance of Rs 4,000 which was discounted dishonoured, bank paid noting charge Rs 85. Renewed at her request for next 2 months with interest @ 18% p.a.

PRACTICAL PROBLEMS

Journalise the following bill transactions as on 21^st May, 2010 in the books of Prabodhan.

A. Renewed Veerendra’s acceptance of Rs 17,500 due on 21^st May 2010 with interest Rs 500 for 2 months.

B. Bank informed that Radhabai’s acceptance of Rs 1,400 which was discounted dishonoured, bank paid noting charges Rs 185.

C. Sent acceptance of Rs 12,000 at 120 days after sight, drawn by Mudhukar for the amount due to him.

D. Pandharinath honoured his acceptance of Rs 8,500 which was deposited into bank for collection.

On 15th April, 2012, B accepted three bills of exchange for Rs 2,400: first bill for Rs 700 for one month; second bill for Rs 800 for two months; and third bill for Rs 900 for three months duly written by A.

On 20th April, 2012, A endorsed the first bill to his creditor C to clear his account of Rs 710 and discounted the second bill on 22nd April with his bankers for Rs 792. The third bill was retained by A till maturity.

The first bill was met on maturity but the second bill was dishonoured on due date. Bank paid Rs 10 for noting charges. A charges B Rs 15 for interest and drew on him a fourth bill for Rs 825 for three months and B accepted it and returned. Bill No.3 and 4 were met on maturity. Pass necessary Journal entries in the books of 'A'.

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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Books of Ankur
Journal Entry
Date	Particulars		L.F.	Debit Amount Rs	Credit Amount Rs
2011
Apr,01	Kajol	Dr.		8,250
A.	To Kiran				8,250
	(Kajol’s acceptance endorsed to Kiran was dishonoured and noting charges incurred)

Apr.11	Ankur	Dr.		7,400
B.	To Bills Receivable A/c				7,400
	(Bill cancelled for renewal)

	Ankur	Dr.		125
	To Interest A/c				125
	(Interest charges due on Rs 5,000 @ 15% for 2 months)

	Cash A/c	Dr.		2,400
	Bills Receivable A/c	Dr.		5,125
	To Ankur				7,125
	(Cash received and new bill has been drawn and accepted including Interest charges)


Apr.15	Cash A/c	Dr.		5,300
C.	Rebate A/c	Dr.		400
	To Bills Receivable A/c				5,700
	(Bill retired under the rebate of Rs 400)

Apr.21	Cash/Bank A/c	Dr.		1,940
D.	Bad-Debts A/c	Dr.		1,940
	To Liladhar				3,880
	(Liladhar became insolvent and 50% of the amount recovered from his private estate)