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CBSE Class 11-commerce Answered

On September15, 2015, Kartik sold goods for Rs.45,000 to Bharat and drew upon him three bills of exchanges of Rs.15,000 each payable after one month, two months and three months respectively. The first bill was retained by Kartik till its maturity. He immediately endorsed the second bill in favour of his Cr.or Raman whom he owed Rs.16,000 and the third bill was discounted by him immediately @ 10% p.a. All the bills were met by Bharat. Journalise the above transactions in the books of Kartik and Bharat and prepare Bharat’s account in the books of Kartik. 
Asked by Topperlearning User | 11 Aug, 2016, 09:23: AM
answered-by-expert Expert Answer

 

Books of Kartik

Journal Entries 

Date 

Particulars 

L.F. 

Dr. 

Rs. 

Cr. 

Rs. 

2015 

  

 

  

  

Sept 15 

Bharat A/c

Dr. 

 

45,000 

  

  

----------To Sales A/c 

 

 

45,000 

  

(Being goods sold to Bharat on Cr.) 

 

 

  

  

  

 

 

  

Sept 15 

Bills Receivable A/c 

Dr. 

 

45,000 

  

  

----------To Bharat A/c

 

 

45,000 

  

(Being three bills of Rs.15,000 each received from Bharat, the first bill for one month, second bill for two months and third bill for three months) 

 

 

 

  

  

 

 

  

Sept 15 

Raman A/c

Dr. 

 

16,000 

  

  

 ----------To Bills Receivable A/c 

 

 

15,000 

 ----------To Discount Received A/c

1,000

  

(Being the second bill endorsed to Raman for debt due of Rs.16,000) 

 

  

  

  

  

 

 

  

Sept 15 

Bank A/c 

Dr. 

 

14,625 

  

  

Discount A/c (15,000 * 10% * 3/12) 

Dr. 

 

375 

  

  

----------To Bills Receivable A/c 

 

 

15,000 

  

(Being bill discounted at 10% p.a.) 

 

 

  

 

 

 

 

 

Oct 18 

Cash A/c 

Dr. 

 

15,000 

  

  

----------To Bills Receivable A/c 

 

 

15,000 

  

(Being the first bill met by Bhagwan, on due date) 

 

 

  

  

  

  

 

  

 

 

Ledger

Bharat's Account 

Dr. 

Cr. 

Date 

Particulars 

J.F. 

Amount 

Rs. 

Date 

Particulars 

J.F. 

Amount 

Rs. 

2015 

2015 

  

  

Sept 15 

To Sales A/c 

  

45,000 

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

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