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CBSE Class 11-commerce Answered

A sold goods to B for Rs.4,000 and drew a bill for the amount due at 3 months for the amount. B after giving his acceptance returned the bill to A. A discounted it from his bank for Rs.3,900. On due date, bill returned dishonoured and bank paid Rs.50 as noting charges. Give journal entries in the books of A only.
Asked by Topperlearning User | 01 Jul, 2016, 04:02: PM
answered-by-expert Expert Answer

A’s Journal

Particulars

 

 

L.F.

Dr.  Rs.

Cr.  Rs.

B A/c

 

Dr.

 

4,000

 

To Sales A/c

 

 

 

 

4,000

(Being the goods sold on credit)

 

 

 

 

 

Bills Receivable A/c

 

Dr.

 

4,000

 

To B A/c

 

 

 

 

4,000

(Being the acceptance received)

 

 

 

 

 

 

 

 

 

 

 

Bank A/c

 

Dr.

 

3,900

 

Discounting charges A/c

 

Dr.

 

100

 

To Bills Receivable A/c

 

 

 

 

4,000

(Being the bill discounted)

 

 

 

 

 

B’s A/c

 

Dr.

 

4,050

 

To Bank A/c

 

 

 

 

4,050

(Being the bill dishonoured and noting charges Rs.50 paid by bank)

 

 

 

 

 

 

Answered by | 01 Jul, 2016, 06:02: PM
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