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CBSE Class 11-commerce Answered

On 15th January, 2015 Hrithik sold goods of Rs.35,000 to Salim. Salim accepted a bill to be payable after 3 months. On the same day, Hrithik discounted the bill with the bank at 12% p.a. The bill was dishonoured on the maturity date. Salim further agreed to pay half the amount in cash and accept a new bill for 3 months for the balance at an interest of 15% p.a. The new bill was duly met on maturity. Pass the journal entries in the books of Hrithik and prepare Bills Receivable account.
Asked by Topperlearning User | 16 Aug, 2016, 02:23: PM
answered-by-expert Expert Answer

 

Books of Hrithik

Journal Entries 

Date 

Particulars 

L.F. 

Dr. 

Rs. 

Cr. 

Rs. 

2015

  

  

  

Jan 15

Salim A/c

Dr. 

35,000 

  

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

35,000 

(Being goods sold to Salim on credit)

  

 

  

  

Jan 15

Bills Receivable A/c

Dr. 

35,000 

  

----------To Salim A/c

35,000 

(Being bill received for 3 months)

  

 

  

  

Jan 15

Bank A/c

Dr. 

33,950

  

Discounting Charges A/c (35,000 × 12% × 3/12)

Dr. 

1,050

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

35,000 

(Being bill discounted at the bank @12% p.a)

  

 

  

  

Apr 18

Salim A/c

Dr. 

35,000 

  

----------To Bank A/c

35,000 

(Being bill dishonoured)

  

 

  

  

Apr 18

Cash A/c

Dr. 

17,500 

  

----------To Salim A/c

17,500 

(Being amount received from Salim)

  

 

  

  

Apr 18

Salim A/c

Dr. 

656 

  

----------To Interest A/c (17,500 × 15% × 3/12)

656 

(Being interest due from Salim @15% p.a. on bill renewal)

  

 

  

  

Apr 18

Bills Receivable A/c

Dr. 

18,156 

  

----------To Salim A/c

18,156 

(Being new bill received from Salim @ interest 15% p.a.)

  

 

  

  

July 21

Cash A/c

Dr. 

18,156 

Answered by | 16 Aug, 2016, 04:23: PM
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CBSE 11-commerce - Accountancy Part I
Mohit sold goods of Rs.10,000 to Naseem. Naseem accepted two bills of Rs.5,000 each for 1 month and 2 months respectively. He immediately sent the first bill to the bank for collection and discounted the second bill for Rs.4,800. On maturity, the first bill was dishonoured and noting charges of Rs.100 paid. The second bill was duly met by Naseem. Pass the journal entries in the books of Mohit and Naseem.
Asked by Topperlearning User | 16 Aug, 2016, 02:23: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
On 15th January, 2015 Hrithik sold goods of Rs.35,000 to Salim. Salim accepted a bill to be payable after 3 months. On the same day, Hrithik discounted the bill with the bank at 12% p.a. The bill was dishonoured on the maturity date. Salim further agreed to pay half the amount in cash and accept a new bill for 3 months for the balance at an interest of 15% p.a. The new bill was duly met on maturity. Pass the journal entries in the books of Hrithik and prepare Bills Receivable account.
Asked by Topperlearning User | 16 Aug, 2016, 02:23: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
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Sachin sold goods of Rs.10,000 to Saurav. Saurav accepted the bill for same which was endorsed to Rahul. On due date, the bill was renewed by Saurav for 4 months by paying noting charges Rs.100 and half the amount in cash and accepting a new bill for the balance at an interest of 12% p.a. He settled Rahul’s account by cheque. On due date Saurav became insolvent and nothing could be realised. Pass the journal entries in the books of Sachin.
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On 1st March, 2015 Anil sold goods to Viren for Rs.25,000 and drew upon him a bill for 3 months. Viren accepted the bill and returned it to Anil. On 4th May, 2015 Viren retired the bill under rebate of 8% p.a. Record the transactions in the journal of Anil and Viren.
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