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Yashpal owed money to Srinivas and hence accepted two bills each of 4850 for 3 months drawn on him latter,on July 1.Srinivas endorsed on of the bills in favour of Hariram on July 7.On the same date he discounted the other bill with his bank and received net proceeds 4,675.Yashpal failed to meet both the bills and noting charges 20 each.On 1st November Yashpal was declared insolvent and 60 paise is recoverable from his estate.Give journal entries in the books of Yashpal, Srinivas ,Hariram.

Dear Student,
Journal entries in books of Srinivas
 Date  Particulars  LF  Debit (Rs.)  Credit (Rs.)
 1/07/18  Bill Receivable 1 A/c                      Dr.
 Bill Receivable 2 A/c                      Dr.
             To Yashpal A/c
 (Being two bill drawn)		    4850
 4850

 		  
 9700
 7/07/18  Hariram A/c                                   Dr.
            To Bill Receivable 1 A/c
            To Bill Receivable 2 A/c
 (Being bills were endorsed)		    9700


 		  4850
 4850
 4/10/18  Bill Receivable 1 A/c                     Dr.
 Bill Receivable 2 A/c                     Dr.
           To Hariram A/c
 (Being bill get dishonoured)		    4870
 4870

 		  
 9740
 1/11/18  Bank / Cash A/c                            Dr.
 Bad Debts A/c                               Dr.
          To Yashpal A/c
 (Being only 60% is recovered from yashpal)		    5844
 3896

 		  
 9740

Journal entries in books of yashpal
 Date  Particulars  LF  Debit (Rs.)  Credit (Rs.)
 1/7/18  Srinivas A/c                          Dr.
         To Bill Payable 1 A/c
         To Bill Payable 2 A/c
 (Being Bill accepted)		    9700


 		  4850
 4850
 4/10/18  Bill Payable 1 A/c                 Dr.
 Bill Payable 2 A/c                 Dr.
 Noting Charges A/c              Dr.
         To Srinivas A/c
 (Being bill is dishonoured)		    4850
 4850
      40

 

 9740
 1/11/18  Srinivas A/c                         Dr.
           To Bank / Cash A/c
           To Deficiency A/c
 (Being final payment of 60% is made)		    9740


 		  5844
 3896

Journal entries in books of Hariram
 Date  Particulars  LF  Debit (Rs.)  Credit (Rs.)
 7/07/18  Bill Receivable 1 A/c                   Dr.
 Bill Receivable 2 A/c                   Dr.
              To Srinivas A/c
 (Being bill is received)		    4850
 4850

 
 9700
 7/07/18  Bank A/c                                     Dr.
 Discounting Charges A/c            Dr.
              To Bill Receivable 1 A/c
 (Being bill 1 is discounted  )		    4675
   175

 		  
 4850
 4/10/18  Srinias A/c                                  Dr.
              To Bill receivable 1 A/c
              To Bill receivable 2 A/c
 (Being both bill dishonoured)		    9740


 		  4870
 4870

Note:
1. It is assumed that year is 2018.
2. It is assumed that bill 1 is discounted by Hariram because nothing is mentioned in question and both bill are of same amount.

Regards,

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