Dev owes Rs 10000 to Kishan on 1st MAy 2011 he sent his promissory note for the amount payble - Accountancy - Bills of Exchange

Question

Dev owes Rs 10000 to Kishan on 1st MAy 2011 he sent his promissory
note for the amount payble after 3 months On 1st june 2011 Kishan
endroses the promissory notes in favour of Wahiyat to whom he owned
a like amount On the due date Dev paid the amount Gives the
necessary journal entry in the books of Kishan, dev and Wahiyat

Nitin Verma · Accepted Answer

Dear Student,

The image provided in the question is not clear , meanwhile it can
be solved as:

Kishore’s
Journal

Date
Particulars
L F
Debit
Amount
(Rs)
Credit
Amount
(Rs)

Bills receivable A/c
Dr

10,000

To Dev

10,000

(Acceptances received)

Dahiyat
Dr

10,000

To Bills receivable A/c

10,000

(Bill endorsed)

Dahiyat’s
Journal

Date
Particulars
L F
Debit
Amount
(Rs)
Credit
Amount
(Rs)

Bills receivable A/c
Dr

10,000

To Kishore

10,000

(Acceptances received)

Cash A/c
Dr

10,000

To Bills receivable A/c

10,000

(Bill met)

Kishore’s
Journal

Date
Particulars
L F
Debit
Amount
(Rs)
Credit
Amount
(Rs)

Kishore
Dr

10,000

To Bills Payable A/c

10,000

(Acceptances given)

Bills Payable A/c
Dr

10,000

To Cash A/c

10,000

(Bill met)

Regards

Kishore’s Journal
Date	Particulars		L.F.	Debit Amount (Rs)	Credit Amount (Rs)

	Bills receivable A/c	Dr.		10,000
	To Dev				10,000
	(Acceptances received)

	Dahiyat	Dr.		10,000
	To Bills receivable A/c				10,000
	(Bill endorsed)

Dahiyat’s Journal
Date	Particulars		L.F.	Debit Amount (Rs)	Credit Amount (Rs)

	Bills receivable A/c	Dr.		10,000
	To Kishore				10,000
	(Acceptances received)

	Cash A/c	Dr.		10,000
	To Bills receivable A/c				10,000
	(Bill met)