Journalise the following transactions in the books of J Jaggi: 1 Our acceptance t P swamy for Rs 8000 - Accountancy - Bills of Exchange

Question

Journalise the following transactions in the books of J
Jaggi:
1 Our acceptance t P swamy for Rs 8000 renewed for three months on
the condition that 2000rs is paid in cash immediately and the
remaining balance to carry out interest at 18 percent

Jayati Jawa · Accepted Answer

Dear Student,
The solution to your query is provided below:

Journal Entry

Date
Particulars
L F
Debit Amount
Rs
Credit Amount
Rs

P Swamy
Dr

2,000

To Cash A/c

2,000

(Received from P Swamy)

Interest A/c (6,000×18% for 3
months)
Dr

270

To P Swamy

270

(Interest due from P Swamy)

P Swamy
Dr

6,270

To Bills Payable A/c

6,270

(A new bill is drawn)

Keep posting!!

	Journal Entry
Date		Particulars		L.F.	Debit Amount Rs	Credit Amount Rs

		P Swamy	Dr.		2,000
		To Cash A/c				2,000
		(Received from P Swamy)

		Interest A/c (6,000×18% for 3 months)	Dr.		270
		To P Swamy				270
		(Interest due from P Swamy)

		P Swamy	Dr.		6,270
		To Bills Payable A/c				6,270
		(A new bill is drawn)

Journalise the following transactions in the books of J Jaggi:1. Our acceptance t P swamy for Rs 8000 renewed for three months on the condition that 2000rs is paid in cash immediately and the remaining balance to carry out interest at 18 percent.

Journalise the following transactions in the books of J Jaggi:
1. Our acceptance t P swamy for Rs 8000 renewed for three months on the condition that 2000rs is paid in cash immediately and the remaining balance to carry out interest at 18 percent.