Experts pls giv me these answers soon pls Q.No 1 A sold goods to B on 1st May,2015 for Rs. 20,000 and drew 3 bills on B for (i) 7,000 payable after 1 months, (ii)
7,500 payable after 2 months and (iii) 5,500 Payable after 3 months. All the bills duly accepted. The first bill is retained
by A till maturity. The second bill is endorsed to C (A Creditor of A) immediately after receiving and third bill was
discounted from bank for Rs. 5,250 on 5th May 2015. All the 3 bills were duly met on maturity. Pass entries in the books
of A and B.
Q.NO 2 A sold goods to B on May 1st, 2015 for Rs. 30,000 on credit and drew upon him a bill for the same amount
payable after 2 months. B accepted the bill and returned it to A. On date of maturity, B fails to make payment of bill.
Noting charges amounted to Rs.100. Pass Journal Entries in the books of A and B if.
Q.No 3 P sold goods to Q for Rs. 10,000 on January 1, 2015 and on the same day draws a bill on Q for the same amount
for 3 months. Q accepts it and returns it to P, who discounts it on 10th January, 2015 with his bank for Rs. 9850. The
acceptance is dishonored on the due date and the Noting charges were paid by bank being Rs.50. On 4th April, Q paid
Rs. 2,050 (including Noting charges) in cash and accepted new bill at 3 months for the amount date P together with
interest @ 12% per annum. Make Journal Entries in the books of P and Q to record transaction.
Q.No 4 Rajiv sold goods to Pankaj for Rs. 40,000 on January 1st, 2015. On the same date Rajiv drew a bill of the same
amounted 3 months on Pankaj. The bill was accepted by Pankaj. Rajiv discounted the bill with his bank on 4th February,
2015@ 12% per annum. On date of maturity, the bill was dishonored and Noting charges Rs. 200 Pankaj agreed to Pay
Rs. 10,200 and accepted another bill for the remaining amount for 3 months together with interest @ 9% per annum. On
due date Pankaj make the payment. Give Journal Entries in the books of Rajiv and Pankaj.
Q.No 5 On 1st March 2015, Amit drew three bills of exchange on his debtor Shyam. First for Rs. Rs. 7000 for 1 month,
second for Rs. 8,000 for two months and third for Rs. 10,000 for 4 months. Shyam accepted these bills. Amit endorsed
the first bill to his creditor, Ram in full settlement of his account Rs. 7,100. This bill was met on maturity on 1st April,
amit discounted the second bill from his bank for Rs. 7,800. This bill was dishonored on due date and bank paid Rs. 100
towards noting charges. Amit drew another bill on Shyam for the amount due along with Rs. 200 towards interest for 2
months for which Shyam agreed.