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CBSE Class 11-commerce Answered

On 1st April, 2015 Vinod sold goods to Mohan worth Rs.60,000. Mohan accept the bill for Rs.60,000 for two months . The bill is payable at ICICI Bank Delhi, on the same day Vinod gives bill to the banker for the collection (after two months). On the due date bill was honoured and Vinod received the due amount. Give entries in the books of Vinod and Mohan.
Asked by Topperlearning User | 04 Jul, 2016, 08:16: AM
answered-by-expert Expert Answer

 Vinod’s Journal

Date

Particulars

 

 

L.F.

Dr. Rs.

Cr. Rs.

2015

Apr. 1

 

Mohan’s A/c

 

 

Dr.

 

 

60,000

 

 

 To Sales’s A/c

 

 

 

 

60,000

 

(Being goods sold to Mohan)

 

 

 

 

 

Apr. 1

Bills Receivable A/c

 

Dr.

 

60,000

 

 

 To Mohan’s A/c

 

 

 

 

60,000

 

(Being the bill drawn on Mohan for 2 months)

 

 

 

 

 

 

 

 

 

 

 

 

Jun. 1

Bill sent for collection A/c

 

Dr.

 

60,000

 

 

 To B/R A/c

 

 

 

 

60,000

 

 

 

 

 

 

 

 

(Being Bills sent to bank for collection)

 

 

 

 

 

 

 

 

 

 

 

 

Jun. 1

Bank A/c

 

 

 

60,000

 

 

 To Bill sent for collection A/c 

 

 

 

 

60,000

 

( Being amount collected by bank)

 

 

 

 

 

 

 

Mohan’s Journal

Date

Particulars

 

 

L.F.

Dr. Rs.

Cr. Rs.

2015

Apr. 1

 

Purchases A/c

 

 

Dr.

 

 

60,000

 

 

 To Vinod’s A/c

 

 

 

 

60,000

 

(Being goods purchased from Vinod )

 

 

 

Answered by | 04 Jul, 2016, 10:16: AM