2. Journalise the following transactions in the books of S.Swamy.
(a). Our acceptance to P.Pandey for rs. 1500 renewed for 3 months on the condition that Rs. 500 is paid in cash immediately and the remaining balance to carry interest @ 12%p.a.
(b). K.pathak promissory note for Rs. 1200 endorsed in favour of D. gupta returned dishonoured . D.gupta paid Rs. 30 as noting charges . S. swamy pays D.gupta by cheque and accepts from K.pathak another bill for the amount due along with interest rs.80.
(c). A bill payable accepted in favour of k. modi for Rs.4000 returned unpaid due to lack of instructions to the bank. Mr. modi claims Rs.4050 (Rs. 50 as noting charges ) which is paid by cheque.
Books of Swamy Journal
| |||||
Date | Particulars | L.F | Debit Amount | Credit Amount | |
(a)
(b)
(c) | Bills Payable A/c To P. Pandey (Bill Cancelled)
P. Pandey To Cash A/c (Paid to P. Pandey)
Interest A/c To P. Pandey (Interest due to P. Pandey)
P. Pandey To Bills Payable A/c (P. Pandey’s Bill accepted)
B/R Receivable A/c To K. Pathak (Promissory Note Received from K. Pathak)
D. Gupta To Bills Receivable A/c (K. Pathak’s Promissory Note endorsed in favour of D. Gupta)
K. Pathak To D. Gupta (K. Pathak Promissory Note dishonoured and D. Gupta paid Rs 30 Noting Charges)
D. Gupta To Bank A/c (Paid to D. Gupta for the amount of Promissory Note dishonoured and Noting Charges)
K. Pathak To Interest A/c (Interest due from K. Pathak for Promissory Note dishonoured)
Bills Receivable A/c To K. Pathak (K. Pathak’s acceptance received)
K. Modi To Bills Payable A/c (K. Modi’s Bill Accepted)
Bills Payable A/c Noting Charges A/c To K. Modi (Bill dishonoured) | Dr.
Dr.
Dr.
Dr.
Dr.
Dr.
Dr.
Dr.
Dr.
Dr.
Dr.
Dr.
|
|
1,500
500
30
1,030
1,200
1,200
1,230
1,230
80
1,310
4,000
4,000 50 |
1,500
500
30
1,030
1,200
1,200
1,230
1,230
80
1,310
4,000
4,050 |