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CBSE Class 11-commerce Answered

Sanjay draws two bills on Rs.14,000 and Rs.8,000 for goods sold to him on 3rd March, 2016. The bills were for 45 days and 60 days respectively. The first bill was endorsed by Sanjay to his Cr. or Yash on 9th March, 2016. The second bill was retained by him and sent to the bank for collection 3 days before the maturity of the bill. All the bills were met by Biren. The bank sent the collection after deducting `50 as collection charges. Pass the journal entries in the books of Sanjay and Biren. 
Asked by Topperlearning User | 11 Aug, 2016, 09:23: AM
answered-by-expert Expert Answer

Book of Sanjay

Journal Entries 

Date 

Particulars 

L.F. 

Dr. 

Rs. 

Cr. 

Rs. 

2016 

  

  

  

Mar 03 

Biren A/c

Dr. 

22,000 

  

  

----------To Sales A/c 

22,000 

  

(Being goods sold to Biren) 

  

  

  

  

  

Mar 03 

Bills Receivable A/c 

Dr. 

22,000 

  

  

----------To Biren A/c 

22,000 

  

(Being two bills received of Rs.14,000 and Rs.8,000 accepted by Biren for 45 days and 60 days respectively)

  

  

  

  

Mar 09

Yash A/c

Dr.

 

14,000

 

 

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

 

 

 

14,000

 

(Being first bill endorsed to Yash)

 

 

 

 

 

 

 

 

 

 

May 02

Bill Sent for Collection A/c

Dr.

 

8,000

 

 

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

 

 

 

8,000

 

(Being second bill sent to the bank for collection)

 

 

 

 

 

 

 

 

 

 

May 05

Bank A/c

Dr.

 

7,950

 

 

Bank Charges A/c

Dr.

 

50

 

 

----------To Bill Sent for Collection A/c

 

 

 

8,000

 

(Being bill collected by the bank and charges applied)

 

 

 

 

 

Note: When Biren makes payment of the bill Sanjay will not pass the entry since payment will be received by Yash.

 

Book of Biren

Journal Entries 

Date 

Particulars 

L.F. 

Dr. 

Rs. 

Cr. 

Rs. 

2016 

  

  

  

Mar 03 

Purchases A/c

Dr. 

22,000 

  

  

----------To Sanjay A/c 

22,000 

  

(Being Cr. purchases of goods) 

  

  

  

  

  

Mar 03 

Sanjay A/c 

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