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Rashi Gupta asked a question
Subject: Accountancy, asked on on 3/1/15
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Subject: Accountancy, asked on on 3/3/12
Ayushi Vyas asked a question
Subject: Accountancy, asked on on 13/12/14
Mrityunjay asked a question
Subject: Accountancy, asked on on 25/10/13
Rajeeb R.v asked a question
Subject: Accountancy, asked on on 17/6/10
Udit S asked a question
Subject: Accountancy, asked on on 11/2/13
Krithi asked a question
Subject: Accountancy, asked on on 24/10/13
Ayush asked a question
Subject: Accountancy, asked on on 14/12/14
Prastuti Jha asked a question
Subject: Accountancy, asked on on 23/6/10
Prakash Ravichandran asked a question
Subject: Accountancy, asked on on 14/10/13
Imran Khan asked a question
Subject: Accountancy, asked on on 27/6/10

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.

 

Pruthvi N asked a question
Subject: Accountancy, asked on on 22/6/10

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.

 

 

Shivangi Lubana asked a question
Subject: Accountancy, asked on on 3/1/16
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Subject: Accountancy, asked on on 22/12/13
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Subject: Accountancy, asked on on 22/6/10
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Subject: Accountancy, asked on on 22/10/13
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Subject: Accountancy, asked on on 9/7/10
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Subject: Accountancy, asked on on 21/10/13
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