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CBSE Class 11-commerce Answered

Yogesh sold goods worth Rs.8,000 to Hari on January 01, 2016. On the same day, Hari accepted four bills drawn upon him of Rs.2,000 each on the same day for 3 months. The first bill was retained by him until its maturity. The second bill was endorsed by him to Devan on the same day. He discounted the third bill one month before its maturity date with the bank at 12% p.a. He sent the fourth bill to bank for collection 3 days before its maturity. On the due date all the bills were honoured. Give the journal entries in the books of Yogesh and prepare Hari’s account and Bills Receivable account. 
Asked by Topperlearning User | 11 Aug, 2016, 09:23: AM
answered-by-expert Expert Answer

Books of Yogesh

Journal Entries 

Date 

Particulars 

L.F. 

Dr. 

Rs. 

Cr. 

Rs. 

2016 

  

  

  

Jan 01 

Hari A/c

Dr. 

8,000 

  

  

----------To Sales A/c 

8,000 

  

(Being goods sold to Hari)

  

  

  

  

  

Jan 01 

Bills Receivable A/c 

Dr. 

8,000 

  

  

----------To Hari A/c 

8,000 

  

(Being four bills received of `2000 each and accepted by Hari for 3 months)

  

  

  

  

Jan 01 

Devan A/c 

Dr. 

2,000 

  

  

----------To Bills Receivable A/c 

2,000 

(Being second bill endorsed to Devan) 

  

  

  

  

Mar 04

Bank A/c

Dr. 

 

1,960

 

 

Discounting Charges A/c

Dr. 

 

40

 

 

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

 

 

 

2,000

 

(Being third bill discounted with the bank @ 12% p.a.)

 

 

 

 

 

 

 

 

 

 

Apr 01

Bill Sent for Collection A/c

Dr. 

 

2,000

 

 

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

 

 

 

2,000

 

(Being fourth bill sent to bank for collection)

 

 

 

 

 

 

 

 

 

 

Apr 04

Bank A/c

Dr.

 

2,000

 

 

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

 

 

 

2,000

 

(Being the fourth bill sent for collection realised)

 

 

 

 

 

 

 

 

 

 

Apr 04

Cash A/c

Dr.

 

2,000

 

 

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

 

 

 

2,000

 

(Being the first bill duly met on maturity) 

 

 

 

 

 

Note: When Hari makes payment of the bill, Yogesh will not pass the entry since payment will be received by Devan.

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