Question

Yudi purchased goods for Rs. 12,000 on 1st June, 2016 from Xavier and on the same date accepted a bills payable after three months. 3 days later, Xavier endorsed the bill to Zen. On maturity, the bill was dishonoured for non- payment and Zen had to pay Rs. 100 as noting charges.

Three days after the dishonour of the bill Xavier made full payment to Zen. 15 days after the dishonour of the bill, Yudi paid Rs. 4,000 to Xavier and requested him to draw a second bill for the balance plus Rs. 180 for the amount of interest, payable after two months. Xavier accepted the proposal and drew the bill. Bill met on the due date. Record the above transactions in the books of Xavier.

Answer 1

$\text{In the Books of Xavier}\text{JOURNAL}\begin{array}{cccccc}\text{Date}& \text{Particulars}& & \text{L.F.}& \text{Amt. (Dr.)}& \text{Amt. (Cr.)}\\ 2016& & & & & \\ \text{June 1}& \text{Yudi's A/c}& \text{Dr.}& & 12,000& \\ & \text{To Sales A/c}& & & & 12,000\\ & \text{(Goods sold to Yudi)}& & & & \\ & \underset{–}{}& & & & \\ \text{June 1}& \text{Bills Receivable A/c}& \text{Dr.}& & 12,000& \\ & \text{To Yudi's A/c}& & & & 12,000\\ & \text{(Acceptance received)}& & & & \\ & \underset{–}{}& & & & \\ \text{June 4}& \text{Zen's A/c}& \text{Dr.}& & 12,000& \\ & \text{To Bills Receivable A/c}& & & & 12,000\\ & \text{(Bill endorsed to Zen)}& & & & \\ & \underset{–}{}& & & & \\ \text{Sep 4}& \text{Yudi's A/c}& \text{Dr.}& & 12,100& \\ & \text{To Zen's A/c (12,000+100) A/c}& & & & 12,100\\ & \text{(Bill dishomoured and noting charges paid by Zen)}& & & & \\ & \underset{–}{}& & & & \\ \text{Sep 7}& \text{Zen's A/c}& \text{Dr.}& & 12,100& \\ & \text{To Bank A/c}& & & & 12,100\\ & \text{(Payment made to Zen)}& & & & \\ & \underset{–}{}& & & & \\ \text{Sep 19}& \text{Bank A/c}& \text{Dr.}& & 4,000& \\ & \text{To Yudi's A/c}& & & & 4,000\\ & \text{(Payment received from Yudi)}& & & & \\ & \underset{–}{}& & & & \\ \text{Sep 19}& \text{Yudi}& \text{Dr.}& & 180& \\ & \text{To Interest A/c}& & & & 180\\ & \text{(Interest recived)}& & & & \\ & \underset{–}{}& & & & \\ \text{Sep 19}& \text{Bills Receivable A/c (8,100+180)}& \text{Dr.}& & 8,280& \\ & \text{To Yudi's A/c}& & & & 8,280\\ & \text{(New acceptance received)}& & & & \\ & \underset{–}{}& & & & \\ \text{Nov 22}& \text{Bank A/c}& \text{Dr.}& & 8,280& \\ & \text{To Bills Receivable A/c}& & & & 8,280\\ & \text{(Bill met on due date)}& & & & \end{array}$