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CBSE Class 11-commerce Answered

Ajay sold goods of Rs.5,000 to Vijay on 1st January, 2016. Vijay accepted one bill of Rs.2,000 for two months and another bill of Rs.3,000 for three months. The first bill was sent by him to the bank for collection. On due date, the first bill was honoured including bank charges Rs.500. While the second bill was retired one month before the due date at the discount of 12% p.a. Pass the journal entries in the books of Ajay.
Asked by Topperlearning User | 16 Aug, 2016, 02:23: PM
answered-by-expert Expert Answer

 

Book of Ajay

Journal Entries 

Date 

Particulars 

L.F. 

Dr. 

Rs. 

Cr. 

Rs. 

2016

  

  

  

Jan 01

Vijay A/c

Dr. 

5,000 

  

----------To Sales A/c

5,000 

(Being goods sold on credit to Vijay)

  

Jan 01

Bills Receivable 1 A/c

Dr. 

2,000 

  

Bills Receivable 2 A/c

Dr. 

3,000

----------To Vijay A/c

5,000 

(Being bills accepted by Vijay for 2 and 3 months respectively)

  

Jan 01

Bill Sent for Collection A/c

Dr.

 

2,000

 

 

---------- To Bills Receivable 1 A/c

 

 

 

2,000

 

(Being first bill sent to the bank for collection)

 

 

 

 

Mar 04

Bank A/c

Dr.

 

1,500

 

 

Bank charges A/c

Dr.

 

500

 

 

----------To Bill Sent for Collection A/c

 

 

 

2,000

 

(Being bill which was sent to bank for collection honoured)

 

 

 

 

Mar 04

Cash A/c

 

 

2,970

 

 

Rebate A/c (3000 × 12% × 1/12)

 

 

30

 

 

----------To Bills Receivable 2 A/c

 

 

 

3,000

 

(Being the second bill retired before a month on rebate)

 

 

 

 

 

 

Answered by | 16 Aug, 2016, 04:23: PM
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