Q.1.
Journalise the following transactions in the books of smita.
1.
Nita informs Smita about dishonour of Anita’s acceptance endorsed to her by
smita for Rs. 15000. Nita paid noting charges of Rs.70.
2.
Sumita retired her acceptance for Rs. 7000 one month before the due date at a
rebate of 12% p.a. to Sumita.
3. Bank informs Smita about dishonour of
Kavita’s acceptance for Rs. 7500, sent for collection by Smita. Noting charges
amounted to Rs. 75.
4.
Vinita renews her acceptance to Smita for Rs. 5000 by paying Rs. 2000 in cash
And accepting a fresh bill for the balance plus interest Rs. 90 for two months.
Q.2. Journalise the following
transactions in the books of Sharad.
1. Hemant informed Sharad that
vasant’s acceptance for Rs. 5000 endorsed to Hemant has been dishonoured. Hemant
paid noting charges of Rs.50.
2. Shirisha retired her acceptance
for Rs. 7600 by paying Rs. 7500 in cash.
3.
Sharad sent a bill of Amol for Rs. 10000 to bank for collection. But
bank informed that the bill has been dishonoured by Amol.
4. Pramod renews his acceptance to
Sharad for Rs. 15000 by paying Rs. 5000 in cash and accepting a fresh bill for
the balance plus interest @ 10% for three months.
Q.3. Journalise the following transactions
in the books of Avdhoot.
1.
Nandani informs Avdhoot that Anita’s acceptance for Rs. 15000 endorsed to her
has been dishonoured. noting charges of Rs.100.
2. Dhanashri renews her
acceptance to Avdhoot for Rs. 2400 by paying Rs. 1200 in cash and accepting a
fresh bill for the balance plus interest @ 12% for three months.
3. Ashish retired his
acceptance for Rs. 6000 one month before the due date at a rebate of 20% p.a.
to Avdhoot.
4.
Bank informs Avdhoot about dishonour of Shashikala’s acceptance for Rs. 4000, discounted
with bank. Noting charges amounted to Rs. 70.
5. Avdhoot sent
a bill of Pravin for Rs. 6000 to the bank for collection.
Q. 4. Vaidya
sold goods to Sathe for Rs.5000 @ 5% T.D. and on the same date drew on Sathe a
bill for 2 months for the amount due who accepted the same. Vaidya then
endorsed the bill to joshi.
On the due date
Joshi Informed Vaidya About the dishonour of bill and noting charge Paid by him
Rs. 50 Vaidya settled Joshi’s A/c and drew a fresh bill on Sathe for the amount
due plus noting charges plus interest Rs. 100 for one month. Before the due
date Sathe become insolvent and 40 paise in a rupee were received from his
estate as first and final dividend.
Pass the journal
entries in the books of Vaidya.
Q. 5. Abha
purchased goods from Prabha on credit for Rs. 10000 and accepted a bill drawn
by prabha for 4 months. Prabha discounted the bill with the bank for Rs. 9800.
Before due date Abha Approached Prabha with a request to renew the bill. Prabha
agreed but with the condition that Abha should Pay Rs. 6000 with interest of
Rs. 150 and accept a new bill for the balance. The arrangements were duly
carried out. New bill is met on due date.
Pass the journal
entries in the books of Prabha.
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