CBSE Class 11-commerce Answered
Book of Ashok Journal Entries |
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Date |
Particulars |
L.F. |
Dr. Rs. |
Cr. Rs. |
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2016 |
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Mar 07 |
Bills Receivable A/c |
Dr. |
45,000 |
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----------To Krishna A/c |
45,000 |
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(Being the bill drawn and accepted by Krishna for 3 months) |
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Apr 07 |
Bank A/c |
Dr. |
|
44,250 |
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Discount Charges A/c (12,000 * 10% * 2/12) |
Dr. |
|
750 |
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|
----------To Bills Receivable A/c |
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|
45,000 |
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(Being bill discounted with the bank at 10% p.a.) |
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Book of Krishna Journal Entries |
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Date |
Particulars |
L.F. |
Dr. Rs. |
Cr. Rs. |
|
2016 |
|
|
|
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Mar 07 |
Ashok A/c |
Dr. |
45,000 |
|
|
|
----------To Bills Payable A/c |
45,000 |
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(Being bill accepted from Ashok for 3 months) |
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June 10 |
Bills Payable A/c |
Dr. |
|
45,000 |
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----------To Cash A/c |
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|
45,000 |
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(Being bill met on its maturity and amount paid) |
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Note: Krishna (drawee) will not pass any entry at the time of bill discounting by the drawer. But the entry is passed at the time of payment of the bill.