Questions no 39 plz sir solve this - Accountancy - Bills of Exchange

Question

Questions no 39 plz sir solve this

Tanu Jain · Accepted Answer

Dear Student,
Journal Entries in books of Merchant & co

Date
Particulars
LF
Debit (Rs )
Credit (Rs )

1/05/17
AB & company A/c Dr
To Sales A/c
To IGST A/c
(Being goods sold)

59000

50000
9000

1/05/17
Bill Receivable A/c Dr
To AB & co A/c
(Being bill accepted)

59000

4/08/17
AB & Co A/c Dr
To Bill Receivable
(Being bill dishonoured)

59000

4/08/17
Bank / Cash A/c Dr
Bill Receivable A/c Dr
To AB & co A/c
(Being half payment is received and fresh bill is issued)

29000
30450

59450

4/08/17
To AB & co A/c Dr
To Interest A/c
(Being Interest is charged)

450

7/11/17
Bank / Cash A/c Dr
To Bill Receivable A/c
(Being renewed bill is met dully)

30450

Journal Entries in books of AB & Co

Date
Particulars
LF
Debit (Rs )
Credit (Rs )

1/05/17
Purchase A/c Dr
IGST A/c Dr
To Merchant & co A/c
(Being goods purchased)

50000
9000

59000

1/05/17
Merchant & co A/c Dr
To Bill Payable A/c
(being bill received and accepted)

59000

4/08/17
Bill Payable A/c Dr
To Merchant & co A/c
(Being bill dishonoured)

59000

4/08/17
Merchant & co A/c Dr
To Bank / Cash A/c
To Bill payable A/c
(Being half payment is made and renew bill is accepted )

59450

29000
30450

4/08/17
Interest A/c Dr
To Merchant & co A/c
(Being interest is charged)

450

7/11/17
Bill payable A/c Dr
To Bank / Cash A/c
(Being renew bill payment is made)

30450

Regards,

Date	Particulars	LF	Debit (Rs.)	Credit (Rs.)
1/05/17	AB & company A/c Dr. To Sales A/c To IGST A/c (Being goods sold)		59000	50000 9000
1/05/17	Bill Receivable A/c Dr. To AB & co. A/c (Being bill accepted)		59000	59000
4/08/17	AB & Co. A/c Dr. To Bill Receivable (Being bill dishonoured)		59000	59000
4/08/17	Bank / Cash A/c Dr. Bill Receivable A/c Dr. To AB & co . A/c (Being half payment is received and fresh bill is issued)		29000 30450	59450
4/08/17	To AB & co . A/c Dr. To Interest A/c (Being Interest is charged)		450	450
7/11/17	Bank / Cash A/c Dr. To Bill Receivable A/c (Being renewed bill is met dully)		30450	30450