Select Board & Class
Explain the journal entries of bills receivable , payable , bills sent for collection ? Also explain with the 3 golden rules rules of accounting
(When the Drawee is Declared Insolvent).P accepted a draft for Rs 40,000 drawn on him by Q on 1st May,2008,for 3 months.This was for the amount which P owed Q .Q got the bill discounted at his bank for Rs 39,000.Just before the due date,P approached Q for renewal of the bill.Q agreed on condition that Rs 10,000 should be paid immediately together with interest on the remaining amount @ 12% p.a. for 3 months and that for the remaining balance P should accept a new bill for 3 months.These arrangements were carried through.On 7th November,2008,P became insolvent and his estate paid 40%.Give the Journal entries in the books of P and Q.
How to draw the specimen of "Bills Of Exchange"?
please answer the practical problems of 11 cbse accountancy the book name is bouble entry book keeping please answer it very urgent please
A sold goods to B on 30th october, 2011 for Rs 14,000 and received three bills for Rs 2,000, Rs 4,000 and Rs 8,000 at 2,3 and 4 months duration respectively. He kept the first bill till maturity; endorsed the 2nd bill in favour of his creditor C and discounted the third bill on 3rd December, 2011 @ 18% p.a. The first and 2nd bills were duly met on maturity but the third bill was dishonoured, the bank paying Rs 40 as noting charges. On 3rd March , 2011, B paid Rs 3,000 ant the noting charges in cash accepted a new bill at 3 months after due date for the balance plus Rs 150 as interest. The new bill was met on maturity. Give journal entries in the books of A and B both.
i need ts grewal solutions for this chapter!!!
can it be made available??
i want the solution of bills of exchange chap no. 17 from d.k.goel rajesh goel shelly goel (apc) sum no. 28
A sells goods for Rs 8,000 to B on Jan 1, 2004 and on the same date draws a bill for 3 months on the latter for the amount. B accepts it and returns it to A, who discounts it with his banker for Rs 7,580. On the due date the bill is dishonoured. Noting charges of Rs 150 were paid by thebank. B then pays Rs 3,000 in cash and accepts a new bill at three months for Rs 5,350. Before maturity, B becomes insolvent and a final dividend of 50 paise in the Rs was received. Give journal entries to record these transactions in the books of A and B.
2. Journalise the following transactions in the books of S.Swamy.(a). Our acceptance to P.Pandey for rs. 1500 renewed for 3 months on the condition that Rs. 500 is paid in cash immediately and the remaining balance to carry interest @ 12%p.a.(b). K.pathak promissory note for Rs. 1200 endorsed in favour of D. gupta returned dishonoured . D.gupta paid Rs. 30 as noting charges . S. swamy pays D.gupta by cheque and accepts from K.pathak another bill for the amount due along with interest rs.80.(c). A bill payable accepted in favour of k. modi for Rs.4000 returned unpaid due to lack of instructions to the bank. Mr. modi claims Rs.4050 (Rs. 50 as noting charges ) which is paid by cheque.
A bill recievable for rs.100 which had been discounted at rs.95 is dishonoured and the bank paid Rs.2 at noting charges.
Give journal entries in the books of drawer , drawee , and the bank
On 1st feb 2001, A sold goods to B for Rs 40,000. B pays Rs 10,000 in cash and accepted a three months bill for the balance. On the due date, B expressed his inability to meet the bill and offered Rs 12,000 in cash and to accept a new bill for one month for the balance plus interest at 18% p.a. A agrees to the proposal. On the due date the bill was duly honoured by B. Pass entries in the books of A and B.
T.S. grewal chapter 15 practical problem 43 can any one tell the answer
plz ans of Q. 11,13,15 of bill of exchange. dk goel class 11
Noting of a bill of exchange.
Mohans acceptance for rs.2000 endorsed in favour of Sohan is dishonoured . Sohan pays Rs.10 as noting charges. Mohan pays Rs.1000 immediately and agrees to accept a new bill of exchange for 3 months for the balance together with interest at 12% per annum . Sohan account is settled by cheque. journalise the transactions in our , mohan and sohans books.
Define the following :
BILL OF EXCHANGE
When the bill had been discounted with the bank and dishonour takes place, then what happens between the bank and the drawer of the bill? Does he have to pay the amount to the bank? Is there a separate entry for that [Bank(not personal bank a/c) dr. To cash cr.]? And also, what is the use of noting dishonour of a bill? What benefit does the drawer get?
two types of commonly used negotiable instruments.
On 1st june 2003 A sold goods to B for Rs.1250 . B gave to Ahis acceptance payable one month after date. Before maturity B requests A to renew it , which A does adding Rs.10 to the new bill for interest. Make necessary journal entries to record these transactions in the books of both A and B.
A owes B rs.400 . A accepted bill of exchange at three months for this amount which B discounted for rs.380 .Give necessary journal entries in the books of A and B if this bill is:
(i) dishounoured on the due date ;(ii) met on maturity; and(iii) retired under rebate at 60% per annum, two months before its maturity.
explain the effects of dishonour and noting of a bill of exchange.
Sharma owes Gupta Rs.420000. On 1st january , 2004.Sharma accepted a bill for 3 months for Rs. 400000 in full settlement.On the same date Gupta discounted the bill from his bank at 6% p.a. Before due date Sharma became bankrupt and Gupta recieved first and final dividend of 20 paise in a ruppee.
Give journal entries in the books of the drawer and the drawee. Also prepare drawee"s account in the books of drawer and drawer"s account in the books of drawee.
t.s grewal solutions
A draws a bill of Rs 500 on B. On getting B's acceptance ,he endorses it to C and C to D. On maturity the bill is dishonoured noting charges amounted Rs 10 is paid . Give the journal entries in the books of A,B and c
Ravi sold goods for Rs 40,000 to
Sudershan on Feb 13, 2006. He drew four bills of exchange upon Sudershan. The
first bill was for Rs 5,000 payable after one month. The second bill was for Rs
10,000 payable after 40 days; the third bill was for Rs 12,000 payable after
three months and fourth bill was for the balance amount payable after 19 days.
Sudershan accepted all the bills and returned the same to Ravi. Ravi discounted
the first bill with his bank at 6% p.a. He endorsed the second bill to his
creditor Mustaq for the full settlement of a debt of Rs 10,200. The third bill
was kept by Ravi with him till the date of maturity. Five days before the
maturity of the fourth bill, Ravi sent the bill to his bank for collection. All
the four bills were dishounoured by Sudarshan on maturity. Sudershan settled
Ravi’s claim in cash three days after the
dishonour of each bill along with interest @ 12% p.a. for the terms of the
bills. You are requested to record the necessary journal entries in the books
to Ravi, Sudershan, Mustaq and bank for the above transaction. Also prepare
Sudershan’s account and Mustaq’s account in the books of Ravi.
How to find out the maturity date of the bill ? Plz give it in detail both for months if it may a february and with months
Nikhil sold goods for Rs 23,000
to Akhil on Dec. 01, 2005. He drew upon Akhil a bill of exchange for the same
amount payable after 2 months. Akhil accepted the bill and sent it back to
Nikhil. Nikhil discounted the bill immediately with his bank @12 p.a. On the
due date Akhil dishonoured the bill of exchange and the bank paid Rs 100 as
noting charges. Akhil requested Nikhil to draw a new bill upon him with
interest @10% p.a. which he agreed. The new bill was payable after two months.
A week before the maturity of the second bill Akhil requested Nikhil to cancel
the second bill. He further requested to accept Rs 10,000 in cash immediately
and drew a third bill upon him including interest of Rs 500. Nikhil agreed to
Akhil’s request. The third bill was payable
after one month. Akhil met the third bill on its maturity. Record the necessary
journal entries in the books of Nikhil and Akhil and also prepare Akhil’s account in the books of Nikhil and Nikhil’s account in the books of Akhil.
01, 2006 Rao sold goods Rs 10,000 to Reddy. Half of the payment was made
immediately and for the remaining half Rao drew a bill of exchange upon Reddy
payable after 30 days. Reddy accepted the bill and returned it to Rao. On the
due date Rao presented the bill to Reddy and received the payment Journalise
the above transactions in the books Rao and prepare of Rao’s account in the
books of Reddy.
sold goods for Rs 7,000 to Manju on Jan 05, 2006 and drew upon her a bill of
exchange payable after 2 months. Manju accepted Vishal’s draft and handed over
the same to Vishal after acceptance. Vishal
immediately discounted the bill with his bank@12% p.a. On the due date Manju
met her acceptance. Journalise the above transactions in the books of Vishal
A bill of
exchange must contain an unconditional promise to pay. Do you agree
with a statement?
four essential features of bill of exchange.
d.k. goel, bills of exchange, pg. 17.88,q.no. 68
Lilly sold goods to Mathew on 1.3.2002 for Rs.12000 and drew upon Mathew a bill of exchange for the same amount payable after two months.Lilly immediately discounted the bill with her bank at 9&p.a. The maturity date of the bill was a non business day (holiday) therefore Lilly had to present the bill as per the provisions of the Indian Negotiable Instruments Act 1881. The bill was dishonoured by Mathew and Lilly paid Rs.45 asnoting charges. Mathew settled the claim of Lilly five days after the dishonour of the bill by a cheque, which includes interest @ 12% for the term of the bill.
Journalise the above transactions in the books of Lilly and Mathew and prepare Mathews account in the books of Lilly and Lillys account in the books of Mathew.
important entries for bills of exchange
Neelam sells goods for Rs.10000 to Rashmi on credit on Jan 1,2006 and on the same date draws a 3 month bill on the later for the amount . Rashmi accepts it and returns to Neelam who discounts it with his bankers for Rs.9850. On the due date the bill is dishonoured . Noting charges Rs.150 were paid by the bank. Rashmi then pays Rs.3150 in cash and accepts a new bill at 3 months for the balance due to Neelam with Rs.120 as interest. Before maturity, Rashmi became insolvent and a final dividend of 40 paise in the rupee was recieved. Pass the journal entries in the books of neelam.
Please explain the journal entries of bills of exchange with logic means with accounting golden rules
My question is ... On 15th jan 2009 sudarshan sold goods to shashi for Rs 3000 . Shashi paid Rs 600 in cash and for balance accepts three bills - No. 1 for Rs 700 at one month , No. 2 for Rs 800 at two months and No. three for Rs 900at three months Sudarshan endorses 1st bill to Nahar , his creditor, on 16 th jan on full settlement of Rs 710 ; discounted the second bill at his bank for Rs 792 and retained the third bill till maturity. The 1st bill is met at maturity . The second bill is dishonoured and Rs10 being paid as noting charges. Sudarshan charges Rs 15 for interest and draws him a new bill for the amount at three months . All the bills were duly met on maturity .
ON 15 JUNE 2013,Mohan sold goods to sohan valued at RS.2000 .he drew a bill at 3 months for the amount and discounted the same with his bankers at RS1960.on the due date the bill was dishonoured and mohan paid to the bank the amount due plus the noting charges of RS,10
draft the journal entries in the books of all parties
Vimal purchased goods Rs 25,000 from Kamal on Jan 15, 2006 and accepted a bill of exchange drawn upon him by Kamal payable after two months. On the date of the maturity the bill was duly presented for payment. Vimal dishonoured the bill. record the necessary journal entries in the books of Kamal and Vimal when.
• The bill was retained by Kamal till the date of its maturity.
• The bill was immediately discounted by Kamal with his bank @ 6% p.a.
• The bill was endorsed by Kamal in favour of his creditor Sharad.
• Five days before its maturity the bill was sent by Kamal to his bank for collection.
Asha sold goods worth Rs 19,000
to Nisha on March 02, 2006. Rs 4,000 were paid by Nisha immediately and for the
balance she accepted a bill of exchange drawn upon her by Asha payable after
three months. Asha discounted the bill immediately with her bank. On the due
date Nisha dishonoured the bill and the bank paid Rs 30 as noting charges.
Record the necessary journal
entries in the books of Asha and Nisha.
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.
meant by maturity of a bill of exchange?
A OWED B RS 400 .A ACCEPTED A BILL OF EXCHANGE AT 3 MONTHS DATE OF THIS AMOUNT WHICH B DISCOUNTED FOR RS 380 .GIVE NECESSARY GOURNAL ENTRIES IN THE BOOKS OF A AND B ,IF THIS BILL IS
1.DISHONOURED ON DUE DATE
2.MET AT MATURITY
3.RETIRED UNDER REBATE AT 6%P.A 2 MONTHS BEFORE ITS MATURITY .
Abdula sold goods to Tahir on
Jan 17, 2006 for Rs 18,000. He drew a bill of exchange for the same amount on
Tahir for 45 days. On the same date Tahir accepted the bill and returned it to
Abdulla. On the due date Abdulla presented the bill to Tahir which was
dishonoured. Abdulla paid Rs 40 as noting charges. Five days after the
dishonour of his acceptance Tahir settled his debt by making a payment of Rs 18,700
including interest and noting charges. Record the necessary journal entries in
the books of Abdulla and Tahir. Also prepare Tahir.s account in the books of
Abdulla and Abdulla.s account in the books of Tahir.
A bill of exchange drawn on 1st jule 2003 for Rs.15000 for three months was dishonoured on due date and a sum of Rs.120 was incurred as noting charges. The bill was renewed for another three months with 12% interest per annum . Find out the amount of renewed bill.
Our promissory note for rs 5000 in favour of P Patel settled by sendind him Tanna's acceptance of rs 5000. Journalise the transaction in our books.
what is bill of exchange
Copyright © 2021 Aakash EduTech Pvt. Ltd. All rights reserved.
E.g: 9876543210, 01112345678
We will give you a call shortly, Thank You
Office hours: 9:00 am to 9:00 pm IST (7 days a week)