Sir or ma'am can you explain this question please? Step by step please. This is of accountancy.
Dear Student
| Books of Ravi | ||||||||||||||
| Journal | ||||||||||||||
| Date | Particulars | L.F. | Debitt | Credit | ||||||||||
| 2015 | ||||||||||||||
| Feb.13 | Sudershan | Dr. | 40,000 | |||||||||||
| To Sales A/c | 40,000 | |||||||||||||
| (Goods sold to Sudershan) | ||||||||||||||
| Feb.13 | Bills Receivable A/c | Dr. | 40,000 | |||||||||||
| To Sudershan | 40,000 | |||||||||||||
| (Four bills from Sudershan received: the first for Rs 5,000, the second bill for Rs 10,000, the third bill for Rs 12,000 and the fourth bill for Rs 13) | ||||||||||||||
| Feb.13 | Bank A/c | Dr. | 4,975 | |||||||||||
| Discount A/c | Dr. | 25 | ||||||||||||
| To Bills Receivable A/c | 5,000 | |||||||||||||
| (The first bill discounted with bank at 6% p.a.) | ||||||||||||||
| Feb.13 | Mustaq | Dr. | 10,200 | |||||||||||
| To Bills Receivable A/c | 10,000 | |||||||||||||
| To Discount Received A/c | 200 | |||||||||||||
| (The second bill endorsed to Mustaq in full settlement of amount due to him) | ||||||||||||||
| Mar.03 | Bill Sent for Collection A/c | Dr. | 13,000 | |||||||||||
| To Bills Receivable A/c | 13,000 | |||||||||||||
| (The fourth bill sent to bank for collection) | ||||||||||||||
| Mar.07 | Sudershan | Dr. | 13,000 | |||||||||||
| To Bill Sent for Collection A/c | 13,000 | |||||||||||||
| (The fourth bill dishonored on due date) | ||||||||||||||
| Mar.07 | Sudershan | Dr. | 81 | |||||||||||
| To Interest A/c | 81 | |||||||||||||
| (Interest due on the fourth bill Rs 13,000 for 19 days at 12% p.a,) | ||||||||||||||
| Mar.10 | Cash A/c | Dr. | 13,081 | |||||||||||
| To Sudershan | 13,081 | |||||||||||||
| (Cash received from Sudershan) | ||||||||||||||
| Mar.16 | Sudershan | Dr. | 5,000 | |||||||||||
| To Bank A/c | 5,000 | |||||||||||||
| (The first bill dishonored) | ||||||||||||||
| Mar.16 | Sudershan | Dr. | 50 | |||||||||||
| To Interest A/c | 50 | |||||||||||||
| (Interest due on amount Rs 5,000 at 12% for one month) | ||||||||||||||
| Mar.19 | Cash A/c | Dr. | 5,050 | |||||||||||
| To Sudershan A/c | 5,050 | |||||||||||||
| (Sudershan paid the amount due on account dishonored of the first bill plus interest) | ||||||||||||||
| Mar.28 | Sudershan | Dr. | 10,000 | |||||||||||
| Discount Received A/c | Dr. | 200 | ||||||||||||
| To Mustaq | 10,200 | |||||||||||||
| (The second bill dishonoured, which had endorsed in favor of Mustaq) | ||||||||||||||
| Mar.28 | Sudershan | Dr. | 132 | |||||||||||
| To Interest A/c | 132 | |||||||||||||
| (Interest charged at 12% on the amount due on account of dishonour of the second bill Rs 10,000) | ||||||||||||||
| Apr.01 | Cash A/c | Dr. | 10,132 | |||||||||||
| To Sudershan A/c | 10,132 | |||||||||||||
| (Received cash from Sudershan for the second bill along with interest) | ||||||||||||||
| May16 | Sudershan | Dr. | 12,000 | |||||||||||
| To Bills Receivable A/c | 12,000 | |||||||||||||
| (The third bill dishonoured on due date) | ||||||||||||||
| May16 | Sudershan | Dr. | 360 | |||||||||||
| To Interest A/c | 360 | |||||||||||||
| (Interest at 12% for 3 months charged on the amount due on account of dishounor the third bill Rs 12,000) | ||||||||||||||
| May19 | Cash A/c | Dr. | 12,360 | |||||||||||
| To Sudershan | 12,360 | |||||||||||||
| (Cash received from Sudershan for the third bill along with interest 12% p.a.) | ||||||||||||||
As the question is lengthy part of the answer has been provided.
For rest of the answer please post the same query in different thread.
Regards