3. On 10th March, 1995 Rajesh Bhoyar, Gandhinagar,
Nagpur draws a 2 months bill for Rs. 3,000 on Samir
Choudhary, Main Road, and Belapur. Samir
Choudhary accepted the bill on 15th March 1995
4. Drawer
(March 2012)
:
586. Main Road, Ajara
:
Mr. Mukund Aglawe
133, Chandni Chowk,
Drawee
Panvel.
Amount
Period
Date of Bill
Date of Acceptance
Mr. Avadhoot Raktade,
:
:
Rs. 8,800.
:
Two Months.
:
1 st May, 2010.
5 th May, 2010.
5. Drawer
:
Vijay Bhat, Main Road,
Nagpur.
Drawee
:
Ashok Kulkarni, M.G. Road,
Nagpur.
Payee:
Anil Jadhav, Pune.
Amount:
Rs. 6,950.
Period:
80 days.
Date of Bill: 7th March, 1996.
Accepted on :10th March, 1996. For 90 days.
6. Drawer :
Priti Chavan, Chandika Road, Malvan.
Drawee :
Snehlata Patil, Prashant Nagar,
Ambajogai
Amount of Bill :
Rs, 10,000/Period
:
2 months.
Date of Bill
:
1st January, 1996
Date of Acceptance:
5th January, 1996
7. Drawer
:
Abhijit Patil, Vikram nagar, Patna.
Drawee
:
Tejas Kapare, Kothrud, Pune.
Payee
:
Amey Patki, Nagpur.
Amount :
Rs. 7500
Period
:
60 days
Term
:
After sight
Date of Bill Drawn
:
1st June 2006
Date of Acceptance
:
11th June 2006
Accepted bill for Rs.
:
7000 only.
8. Drawer: Yamini Gupta, Sarvapriya Vihar,
Delhi
Drawee – Kamini Sharma, Raj baug, Agra.
Period – 100 days.
Term – After acceptance
Date of Bill – 1st January, 2007
Amount – Rs. 10,500/Date of Acceptance – 3rd January, 2007
9.
10.
11.
12. On 1st March, 2013. Ramchandra sold goods to Raman worth Rs. 8,000/- and Raman
accepted the Bill for Rs. 8,000/- at 3 months drawn by Ramchandra. Ramchandra
discounted the bill with his bank @ 6% p.a. On due date the bill was dishonoured and
Raman requested Ramchandra to accept Rs. 4,000/- immediately and draw upon him a
new bill for the remaining amount at 3 months together with an interest @ 10% p.a.
Ramchandra agreed. The second Bill was duly honoured. Give Journal entries in the books
of Ramchandra.
13. Premlal sold goods to Sunderlal worth Rs. 10,000/- and Sunderlal accepted the
bill for Rs. 10,000/- at 3 months drawn by Premlal. Premlal discounted the bill
with his bank @ 6 % p.a. On due date the bill was dishonoured and Sunderlal
requested Premlal to accept Rs. 4,000 immediately and draw upon him a new
bill for the remaining amount at 3months together with an interest at 10% p.a.
Premlal agreed and the second bill was duly honoured. Give the Journal entries
in the books of Premlal.
14. •Archana purchased goods from Babita on credit for Rs. 20,000. On
next day Archana paid Rs. 10,000 to Babita and accepted a bill drawn
by Babita for the balance amount for four months. Babita discounted
the bill with her bank for Rs. 9600/-. Before the due date Archana
approached Babita with a request to renew the Bill. Babita agreed with
the condition that Archana should pay Rs. 6000 along with interest of
Rs. 120 and accept a new bill for the balance. These arrangements were
duly carried out. New bill is met on the due date. Pass journal entries
in the books of Babita.
15. Bhagyashri sold goods to Rupa worth Rs. 24,000 to Rupa. On the next day Rupa paid Rs.
10,000 in cash and accepted 4 months bill for balance amount drawn by Bhagyashri.
Bhagyashri discounted the bill at 10% p.a. after one month with her bank. On due date
Rupa dishonoured her acceptance and noting charges amounted to Rs. 200. Rupa paid half
the amount of the bill and full amount of noting charges. Rupa accepted a new bill at 2
months for the balance amount plus interest Rs. 100. Pass necessary journal entries in the
books of Bhagyashri.
16. Baloo owes Kaloo Rs.8000. Kaloo then draws a bill for Rs. 8000 on
Baloo for a period of three months. Baloo accepts and return it to
Kaloo. Kaloo discounted the bill with his bank @ 12 % p.a. On due
date, the bill was dishonoured noting charges amount to Rs. 30. Kaloo
then draws a bill for the balance plus interest of Rs. 170. Before the
due date of this bill Baloo pays the amount at a discount of Rs. 40 to
retire the bill. Pass Journal Entries in the books of Kaloo.
17. Minal draws a bill on Usha for Rs. 5,000 at 3 months. Usha accepts the bill and
return to Minal. Minal discounted the bill @ 12 % p.a. with the bank. On
Maturity Usha finds herself unable to make payment of the bill and requested
Minal to renew the bill. Minal accepts the proposal on the condition that Usha
should Pay Rs. 2,000 in cash and accept a new bill at one month along with
interest at 10% p.a. These arrangements were carried through. Usha retires the
bill by paying Rs. 3015/- Pass Journal Entries in the books of Minal.
18. Sonia draws a bill on Moni for Rs. 6,000 at 4 months. Moni accepts the bill and
returns it to Sonia who discounts the bill with the bank at a discount of 8% p.a.
Before the due date of Bill Moni requested Sonia to accept Rs. 4000 in cash and
draw a bill for the balance plus interest at 12% p.a. for two months. Sonia
draws a bill as the request is agreed. The bill is sent to bank for collection. On
the due date the bill was honoured. Pass the necessary journal entries in the
books of Sonia
19. Prakash drew a bill for Rs. 4,000 on Anand on 1st May, 1976 for three months.
This was for the amount which Anand owed to Prakash. Anand accepts the
same and return it to Prakash who discounted at his bank for Rs. 3,900. On 1st
Aug, 1976 Anand requested Prakash to renew the bill and Prakash agreed on
the condition that Rs. 1,000 is paid immediately and Anand should accept the
new bill for 3 months for the balance payable plus interest of Rs. 45. These
arrangements were carried through. However, on 1st October, 1976, Anand
retired his acceptance for Rs. 3, 035. Pass journal entries in the books of
Prakash.
20. Mukund owes (be obligated) Prakash Rs. 4000 for which Prakash
draws a bill for 2 months on 1st February, 1989. Mukund accepts it and
returns it to Prakash. On 4th March, 1989, Mukund approaches
Prakash and request him to accept Rs. 1000 in cash and draw a fresh
bill for 3 months for the balance plus interest @ 10% p.a. Prakash
accepts the request and draw a bill accordingly which is accepted by
Mukund. On 1st June 1989 Mukund retired his acceptance under
discount of Rs. 30/-. Pass journal entries in the books of Prakash.
21. Rupali accepted a bill for Rs. 2,000/- drawn by Deepali at three months. Deepali got the
bill discounted with her bank for Rs. 1,900. Before the due date Rupali approached Deepali
for renewal of the bill. Deepali agreed on the condition that Rs. 1,000/- be paid
immediately together with interest on the remaining amount at 6% p.a. For balance Rupali
should accept a new bill for three months. These arrangements were carried through but
afterwards, Rupali become Insolvent and only 40 % of the amount could be recovered
from her estate. Give journal entries in the books of Deepali.
22. •Chanda accepted a bill for Rs. 6,000 drawn by Nanda at three months.
Nanda got the bill discounted with his bank for Rs. 5,700. Before the due
date, Chanda approached Nanda for renewal of the Bill. Nanda agreed on the
condition that Rs. 3,000 is paid immediately together with an interest on
remaining amount at 18% p.a. for four months and for the balance Chanda
should accept a new bill. But afterwards Chanda become insolvent and only
25% of the amount could be recovered from her estate. Pass journal entries
in the books of Nanda.
23. Pankaj draws a bill on Anil worth Rs. 8,000 for three months which was accepted by Anil.
On the same date Pankaj discounted the bill with his bank @ 10 % p.a. On the due date
Anil dishonoured his acceptance. Anil paid Rs. 4,000/- to Pankaj and accepted a fresh bill
for two months for the balance including interest of Rs. 40. Anil became insolvent before
the maturity of the bill and 50 paise in a rupee was received at first and final dividend
from his estate. Give Journal entries in the books of Pankaj
24. On 1st March, 2013. Ramchandra sold goods to Raman worth Rs. 8,000/- and
Raman accepted the Bill for Rs. 8,000/- at 3 months drawn by Ramchandra.
Ramchandra discounted the bill with his bank @ 6% p.a. On due date the bill
was dishonoured and Raman requested Ramchandra to accept Rs. 4,000/immediately and draw upon him a new bill for the remaining amount at 3
months together with an interest @ 10% p.a. Ramchandra agreed. The second
Bill was duly honoured. Give Journal entries in the books of Raman.
25. Premlal sold goods to Sunderlal worth Rs. 10,000/- and Sunderlal accepted the
bill for Rs. 10,000/- at 3 months drawn by Premlal. Premlal discounted the bill
with his bank @ 6 % p.a. On due date the bill was dishonoured and Sunderlal
requested Premlal to accept Rs. 4,000 immediately and draw upon him a new
bill for the remaining amount at 3months together with an interest at 10% p.a.
Premlal agreed and the second bill was duly honoured. Give the Journal entries
in the books of Sunderlal
26. Archana purchased goods from Babita on credit for Rs. 20,000. On next day
Archana paid Rs. 10,000 to Babita and accepted a bill drawn by Babita for the
balance amount for four months. Babita discounted the bill with her bank for
Rs. 9600/-. Before the due date Archana approached Babita with a request to
renew the Bill. Babita agreed with the condition that Archana should pay Rs.
6000 along with interest of Rs. 120 and accept a new bill for the balance. These
arrangements were duly carried out. New bill is met on the due date. Pass
journal entries in the books of Archana.
27. Bhagyashri sold goods to Rupa worth Rs. 24,000 to Rupa. On the next day Rupa paid Rs.
10,000 in cash and accepted 4 months bill for balance amount drawn by Bhagyashri.
Bhagyashri discounted the bill at 10% p.a. after one month with her bank. On due date
Rupa dishonoured her acceptance and noting charges amounted to Rs. 200. Rupa paid half
the amount of the bill and full amount of noting charges. Rupa accepted a new bill at 2
months for the balance amount plus interest Rs. 100. Pass necessary journal entries in the
books of Rupa.
28. Baloo owes Kaloo Rs.8000. Kaloo then draws a bill for Rs. 8000 on
Baloo for a period of three months. Baloo accepts and return it to
Kaloo. Kaloo discounted the bill with his bank @ 12 % p.a. On due
date, the bill was dishonoured noting charges amount to Rs. 30. Kaloo
then draws a bill for the balance plus interest of Rs. 170. Before the
due date of this bill Baloo pays the amount at a discount of Rs. 40 to
retire the bill. Pass Journal Entries in the books of Baloo
29. Minal draws a bill on Usha for Rs. 5,000 at 3 months. Usha accepts the bill and
return to Minal. Minal discounted the bill @ 12 % p.a. with the bank. On
Maturity Usha finds herself unable to make payment of the bill and requested
Minal to renew the bill. Minal accepts the proposal on the condition that Usha
should Pay Rs. 2,000 in cash and accept a new bill at one month along with
interest at 10% p.a. These arrangements were carried through. Usha retires the
bill by paying Rs. 3015/- Pass Journal Entries in the books of Usha.
30. Sonia draws a bill on Moni for Rs. 6,000 at 4 months. Moni accepts the bill and
returns it to Sonia who discounts the bill with the bank at a discount of 8% p.a.
Before the due date of Bill Moni requested Sonia to accept Rs. 4000 in cash and
draw a bill for the balance plus interest at 12% p.a. for two months. Sonia
draws a bill as the request is agreed. The bill is sent to bank for collection. On
the due date the bill was honoured. Pass the necessary journal entries in the
books of Moni.
31. Vicky owes Rs. 12,000 to Bunty and accepts 3 months’ bill drawn by Bunty who
discounts the same after a month at 10% p.a. with his bank. On due date the
bill has been dishonoured and noting charges amounted to Rs. 100. Vicky then
paid 25% of the amount of the bill and full amount of noting charges by
crossed cheque and accepted a new bill for the balance plus interest at 12%
p.a. for 3 months. New bill was sent to the bank for collection by Bunty. On
due date the bank collected the amount of the new bill from Vicky and debited
the bank charges Rs. 70 to Bunty’s account. Pass Journal Entries in the books of
Bunty and Bunty’s account in the ledger of Vicky.
32. Rupali accepted a bill for Rs. 2,000/- drawn by Deepali at three
months. Deepali got the bill discounted with her bank for Rs. 1,900.
Before the due date Rupali approached Deepali for renewal of the bill.
Deepali agreed on the condition that Rs. 1,000/- be paid immediately
together with interest on the remaining amount at 6% p.a. For balance
Rupali should accept a new bill for three months. These arrangements
were carried through but afterwards, Rupali become Insolvent and
only 40 % of the amount could be recovered from her estate. Give
journal entries in the books of Rupali
33. Chanda accepted a bill for Rs. 6,000 drawn by Nanda at three months.
Nanda got the bill discounted with his bank for Rs. 5,700. Before the
due date, Chanda approached Nanda for renewal of the Bill. Nanda
agreed on the condition that Rs. 3,000 is paid immediately together
with an interest on remaining amount at 18% p.a. for four months and
for the balance Chanda should accept a new bill. But afterwards
Chanda become insolvent and only 25% of the amount could be
recovered from her estate. Pass journal entries in the books of Chanda
34. Pankaj draws a bill on Anil worth Rs. 8,000 for three months which was
accepted by Anil. On the same date Pankaj discounted the bill with his bank @
10 % p.a. On the due date Anil dishonoured his acceptance. Anil paid Rs.
4,000/- to Pankaj and accepted a fresh bill for two months for the balance
including interest of Rs. 40. Anil became insolvent before the maturity of the
bill and 50 paise in a rupee was received at first and final dividend from his
estate. Give Journal entries in the books of Anil.
35. Prakash drew a bill for Rs. 4,000 on Anand on 1st May, 1976 for three months.
This was for the amount which Anand owed to Prakash. Anand accepts the
same and return it to Prakash who discounted at his bank for Rs. 3,900. On 1st
Aug, 1976 Anand requested Prakash to renew the bill and Prakash agreed on
the condition that Rs. 1,000 is paid immediately and Anand should accept the
new bill for 3 months for the balance payable plus interest of Rs. 45. These
arrangements were carried through. However, on 1st October, 1976, Anand
retired his acceptance for Rs. 3, 035. Pass journal entries in the books of Anand
36. On 1st January, 1988 Vandana drew a bill for Rs. 6,000 for 2 months periods on
Lata. Lata duly accepted the bill. On 4th January 1988 Vandana discounted the
bill with her bank for Rs. 5850. However, on the due date the bill was
dishonoured. Lata agreed to accept a new bill with an interest of Rs. 100 for a
period of one month. The bill was duly met on the due date. Give the journal
entries in the books of Vandana and show Vandana’s account in the books of
Lata.
37. •Mukund owes (be obligated) Prakash Rs. 4000 for which Prakash draws
a bill for 2 months on 1st February, 1989. Mukund accepts it and
returns it to Prakash. On 4th March, 1989, Mukund approaches Prakash
and request him to accept Rs. 1000 in cash and draw a fresh bill for 3
months for the balance plus interest @ 10% p.a. Prakash accepts the
request and draw a bill accordingly which is accepted by Mukund. On
1st June 1989 Mukund retired his acceptance under discount of Rs.
30/-. Pass journal entries in the books of Prakash and prepare Prakash
account in the ledger of Mukund.
38. Krishna accepted a bill for three months drawn by Rama for Rs. 4000.
Rama discounted the bill with the bank at Rs. 3900. On the date of
maturity, the bill was dishonoured. Rama paid noting charges for Rs.
20. Krishna paid half the amount for the bill and full amount of the
noting charges and accepted a bill for the balance including interest of
Rs. 50. The second bill was duly honoured. Pass necessary journal
entries in the books of Rama and show Krishna’s account
39. •Ameet draws a bill for Rs. 7500 on Tushar for four months. Ameet
discounts the bill with the bank at 8%p.a. On the due date Tushar
requested Ameet to accept Rs. 4,700 (including Rs. 200 for interest)
and to draw a bill for the balance of three months. Ameet agrees this
proposal. Before the due date of the new bill Tushar retires the bill for
Rs. 2960. Pass the journal entries in the books of Tushar and open
Tushar’s account in the books of Ameet.
40. •Journalize the following transactions in the books of Maharaja.
1.Ayub informs Maharaja that Sadashiv’s acceptance for Rs. 2,000
endorsed to Ayub has been dishonoured, noting charges amounted to
Rs. 150
2.Pankaj renews his acceptance to Maharaja for Rs. 1200 by paying Rs.
400 in cash and accepting a fresh bill for the balance plus interest at
12% p.a. for 3 months.
3.Vaibhav’s acceptance to Maharaja for Rs. 6000 retired one month
before the due date at a discount of 12%p.a.
4.Bank informs Maharaja as to the dishonour of Kasam’s acceptance for
Rs. 2000 to Maharaja discounted with Bank noting charges Rs. 200.
41. •Journalise the following transactions in the books of Kamalakar.
1.Nisha informs Kamalakar that Shanti’s acceptance for Rs. 14,000 endorsed
to Nisha has been dishonoured and noting charges have been paid Rs. 200.
2.Asha renews hare acceptance to Kamalakar for Rs. 12400 by paying Rs.
6000 in cash and accepting a new bill for the balance plus interest @ 12%
p.a. for 3 months.
3.Devika’s acceptance to Kamalakar for Rs. 42000 is retired one month
before its due date at a discount of 12% p.a.
4.The bank informs Kamalakar that Sindhu’s acceptance for Rs. 15000 has
been dishonoured and it has paid noting charges Rs. 100.
5.Bank informs Kamalakar that Sangita’s acceptance for Rs. 12000 which
was sent to bank for collection has been dishonoured.
42. •Journalise the following transactions in the books of Ranbir.
1.Sonam informs Ranbir that Salman’s acceptance for Rs. 3200
endorsed to Sonam has been dishonoured and the noting charges
amounted to Rs. 80.
2.Ravindra renews his acceptance to Ranbir for Rs. 4,800 by
paying Rs. 1800 in cash and accepted a fresh bill for the balance,
plus interest @ 12% p.a for 2 months.
3.Dilip’s acceptance to Ranbir for Rs 8000 is retired one month
before the due date at a discount of 12% p.a.
4.The bank informs Ranbir that Shirin’s acceptance for Rs 5500 to
Ranbir discounted with the bank earlier has been dishounred and
the noting charges Rs. 100.
43. •Journalise the following transactions in the book’s of Bhaskar.
1.Suresh informed Bhaskar that Nishad’s acceptance for Rs. 2500 endorsed to
Suresh has been dishonoured and noting charges amounted to Rs. 25.
2.Rajesh renews his acceptance to Bhaskar for Rs. 7500 by paying Rs. 2500
in cash and accepting a fresh bill for the balance plus interest @ 10% p.a. for
three months.
3.Mandar retired his acceptance to Bhaskar for Rs. 3,800 by paying Rs. 3750
in cash.
4.Bhaskar sent a bill of Dayaram for Rs. 5000 to the bank for collection. But
the bank informed that the bill has been dishonoured by Dayaram. [March
2012]
44. •Journalise the following transactions in the books of Mr. Ashok Agrawal.
1.The bank informed Mr. Ashok Agrawal that Kamlesh’s acceptance for Rs.
12,000 sent to bank for collection had been honoured and bank charges
debited were Rs. 60.
2.Discharged Dr. Ashok Agrawal’s acceptance to Mahesh for Rs. 15,250 by
endorsing Prakash’s acceptance to Mr. Ashok Agrawal for Rs. 15,100.
3.Vishal renewed his acceptance to Mr. Ashok Agrawal for Rs. 11,200 by
paying Rs. 6000 in cash and accepting a fresh bill for the balance plus
interest @ 12% p.a. for three months.
4.Dinesh who had accepted Mr. Ashok Agrawal’s bill of Rs. 14,000 was
declared bankrupt and only 45% of the amount due could be recovered from
his estate.
45. •Journalise the following transactions in the books of Ashwin.
1.Bank informed that Sachin’s acceptance for Rs. 5,750
sent to bank for collection had been honoured and bank
charges debited were Rs. 50.
2.Nitin renewed his acceptance for Rs. 7,200 by paying
Rs. 2,200 in cash and accepting a new bill for the balance
plus interest @8% p.a. for 3 months.
3.Discharged our acceptance to Pravin for Rs. 4,250 by
endorsing Bhavin’s acceptance to us for Rs. 4,000.
