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CBSE Class 11-commerce Answered

On 3rd May, 20XX Ajay sold goods for Rs.43,500 to Sunil. He made 50% of the payment immediately on which he was allowed a discount of 2%. For the balance Sunil drew a promissory note in favour of Ajay to be payable after 2 months. Since the date of the maturity of the bill was a Sunday, Ajay presented the bill as per the provisions of Negotiable Instruments Act. The bill was duly met by Sunil. Journalise the following transactions in the books of both the parties and state the date on which the bill was presented by Ajay. 
Asked by Topperlearning User | 11 Aug, 2016, 09:23: AM
answered-by-expert Expert Answer

Book of Ajay

Journal Entries 

Date 

Particulars 

L.F. 

Dr. 

Rs. 

Cr. 

Rs. 

20XX 

  

  

  

May 03 

Sunil A/c

Dr. 

43,500 

  

  

----------To Sales A/c 

43,500 

  

(Being goods sold to Sunil on Cr.) 

  

  

  

  

  

May 03 

Cash A/c 

Dr. 

21,315 

  

Discount Allowed A/c

Dr. 

435

  

----------To Sunil A/c 

21,750 

  

(Being 50% of the amount received by Sunil and 2% cash discount allowed)

  

  

  

  

May 03

Bills Receivable A/c

Dr.

 

21,750 

 

 

----------To Sunil A/c

 

 

 

21,750 

 

(Being bill received from Sunil for a period of 2 months)

 

 

 

 

 

 

 

 

 

 

July 05

Cash A/c

Dr.

 

21,750 

 

 

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

 

 

 

21,750 

 

(Being the bills duly met by Sunil and amount received)

 

 

 

 

 

 

 

 

 

 

 

 

 

Book of Sunil 

Journal Entries 

Date 

Particulars 

L.F. 

Dr. 

Rs. 

Cr. 

Rs. 

20XX 

  

  

  

May 03 

Purchases A/c 

Dr. 

43,500 

  

  

----------To Ajay A/c 

43,500 

  

(Being goods purchased from Ajay on Cr.)

  

May 03

Ajay A/c

Dr. 

21,750

----------To Cash A/c

21,315 

----------To Discount Received A/c

435

(Being 50% of the amount paid @ 2% cash discount)

 

 

 

May 03

Ajay A/c

Dr.

 

Answered by | 11 Aug, 2016, 11:23: AM

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