X sold goods to Y for 15000 on 1 jan2010 and drew a bill on later for the amount payable after 3 months. Y accepted the bill and returned it to X.X discounted the bill with his bank 8% p.a.The bill was dishonoured on due date and bank paid 150 as noting charges.Y paid 5,150 by cheque to x and accepted a new bill for the balance amount due together with intrest @ 12% p.a. for 2 months.Y showed his inability to meet his bill.He again requested X to draw a new bill for the amount along with 200 towards interest for 1 month.X agreed.The bill was met on maturity.Pass entries in the books of both X and Y.
Please help
In the books of X Journal | |||||
Date | Particulars |
| L.F. | Debit Amount Rs | Credit Amount Rs |
2010 Jan.01
Jan.01
Jan.01
Apr.04
Apr.04
Apr.04
Apr.04
June07
June07
June07
July11 |
Y To Sales A/c (Goods sold to Y)
Bills Receivable A/c To Y (Bills received from Y after acceptance)
Bank A/c Discount A/c To Bills Receivable A/c (Bill Receivable discounted with Bank)
Y To Bank A/c (Bill dishonoured and Bank paid noting charges)
Bank A/c To Y (Amount received from Y)
Y To Interest (12% Interest due on Rs 10,000 for 3 months)
Bills Receivable A/c To Y (Bill received from Y after acceptance)
Y To Bills Receivable A/c (Bill accepted by Y, dishonoured)
Y To Interest A/c (Interest due from Y)
Bills Receivable A/c To Y (Bill received from Y after acceptance)
Cash A/c To Bills Receivable A/c (Bill honoured and amount received in cash) |
Dr.
Dr.
Dr. Dr.
Dr.
Dr.
Dr.
Dr.
Dr.
Dr.
Dr.
Dr.
|
|
15,000
15,000
14,700 300
15,150
5,150
300
10,300
10,300
200
10,500
10,500
|
15,000
15,000
15,000
15,150
5,150
300
10,300
10,300
200
10,500
10,500
|
In the books of Y Journal | |||||
Date | Particulars |
| L.F. | Debit Amount Rs | Credit Amount Rs |
2010 Jan.01
Jan.01
Apr.04
Apr.04
Apr.04
Apr.04
June07
June07
June07
July 11
|
Purchases A/c To X (Bought goods from X)
X To Bills Payable A/c (Bill of Exchange of X accepted)
Bills Payable A/c Noting Charges A/c To X (Bill of X dishonoured)
X To Bank (Amount paid to X)
Interest A/c To X (Interest due to X)
X To Bills Payable A/c (Bills of Exchange of X accepted)
Bills Payable A/c To X (Bill of X dishonoured)
Interest A/c To X (Interest due to X)
X To Bills Payable (Bill of exchange of X accepted)
Bills Payable A/c To Cash A/c (Bill of exchange discharged on due date) |
Dr.
Dr.
Dr. Dr.
Dr.
Dr.
Dr.
Dr.
Dr.
Dr.
Dr.
|
|
15,000
15,000
15,000 150
5,150
300
10,300
10,300
200
10,500
10,500 |
15,000
15,000
15,150
5,150
300
10,300
10,300
200
10,500
10,500 |