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CBSE Class 11-commerce Answered

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.
Asked by Topperlearning User | 16 Aug, 2016, 02:23: PM
answered-by-expert Expert Answer

 

Book of Sachin

Journal Entries 

Date 

Particulars 

L.F. 

Dr. 

Rs. 

Cr. 

Rs. 

 

 

 

i.

Saurav A/c

Dr.

10,000

 

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

10,000

(Being goods sold on credit to Saurav)

 

ii.

Bill Receivable A/c

Dr.

 

10,000

 

 

---------- To Saurav A/c

 

 

 

10,000

 

(Being bill accepted by Saurav)

 

 

 

 

iii.

Rahul A/c

Dr.

 

10,000

 

 

---------- To Bill Receivable A/c

 

 

 

10,000

 

(Being bill endorsed to Rahul)

 

 

 

 

iv.

Saurav A/c

Dr.

 

10,100

 

 

---------- To Rahul A/c

 

 

 

10,100

 

(Being endorsed bill dishonoured and noting charges paid)

 

 

 

 

v.

Cash A/c

Dr.

 

5,000

 

 

---------- To Saurav A/c

 

 

 

5,000

 

(Being part payment received from Saurav)

 

 

 

 

vi.

Saurav A/c

Dr.

 

200

 

 

---------- To Interest A/c

 

 

 

200

 

(Being interest charged to Saurav on renewal of bill)

 

 

 

 

vii.

Rahul A/c

Dr.

 

10,100

 

 

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

 

 

 

10,100

 

(Being Rahul’s account settled)

 

 

 

 

viii.

Bills Receivable A/c

Dr.

 

5,200

 

 

---------- To Saurav A/c

 

 

 

5,200

 

(Being new bill accepted by Saurav)

 

 

 

 

ix.

Saurav A/c

Dr.

 

5,200

Answered by | 16 Aug, 2016, 04:23: PM
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