a) Endorsed Sonali’s acceptance at 2 months for ₹6,000 in Favour of Urmila and paid cash ₹3,500 in full settlement of her account ₹10,000. b) Discounted 2 months acceptance of Surya for ₹7,800 with bank at 10% p.a. c) Bank informed that Anuradha’s acceptance of ₹4,800 which was discounted was dishonored and bank paid Nothing Charges ₹125 d) Pooja honored her acceptance of ₹16,400 which was deposited into bank for collection. Journalise the following transactions in the books of Sudha: -
Journalize the following transactions in the books of Sudha: -
a) Endorsed Sonali’s acceptance at 2 months for ₹6,000 in Favour of Urmila and paid cash ₹3,500 in full settlement of her account ₹10,000.
b) Discounted 2 months acceptance of Surya for ₹7,800 with bank at 10% p.a.
c) Bank informed that Anuradha’s acceptance of ₹4,800 which was discounted was dishonored and bank paid Nothing Charges ₹125
d) Pooja honored her acceptance of ₹16,400 which was deposited into bank for collection.
Journal Entry
In the Books of Sudha
Date | Particulars | J.F | Debit ₹ | Credit ₹ |
a) | Urmila A/c Dr. To Cash A/c To Discount A/c To Bills Receivable A/c [Being Endorsed Sonali acceptance in Favour of Urmila and paid] |
| 10,000 |
3,500 500 6,000 |
b) | Bank A/c Dr. Discount A/c Dr. To Bills receivable A/c [Being discounted Surya acceptance with bank] |
| 7,670 130 |
7,800 |
c) | Anuradha A/c Dr. To Bank A/c [Being discounted bill dishonored and nothing charges paid by bank] |
| 4,925 |
4,925 |
d) | Bank A/c Dr. To Bill Sent for Collection A/c [Being amount of the bill collected and credited in our bank account] |
| 16,400 |
16,400 |
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