Answer question 24 1st January. 2017 for goods sold, Ramesh drew a Bill of Exchange on Mahesh for
4 000, for a period of 3 months. Mahesh accepts it and returns to Ramesh. Ramesh then
endorses it to Mukegh who in turn endorses it to Suresh on 18t February, 2017. The bill is
then discounted by Suresh on the same date with hig banker at 5% p.a. On the due date the
bill is dishonoured.
pass the necessary Journal entries in the books of all the four parties.
24 A purchases goods worth 6,200 from B and gives him his acceptance for 6,000 in full
usfaction. B purchases goods worth 10,000 from C and endorses the bill to him, paying the
balance by cheque. On maturity the bill is dishonoured, noting charges amounted to 100.
Give the Journal entries in the books of A, B and C
sells goods for R 40,000 to Y on 1st January, 2012 and on the same day draws a bill on
at three months for the amount. Y accepts it and returns it to X, who discounted it on
4th January, 2012 with his bank at 6% p.a. The acceptance is dishonoured on the due date
and the noting charges were paid by bank being 200.
On 4th April, 2012, Y accepts a new bill at three months for the amount then due to
X together with interest at 12% p.a.
(KVS 2016)
Make Journal entries to record these transactions in the books of X.
