Subjective Type

On January $$15$$, $$2011$$, Kartar sold goods for Rs. $$30,000$$ to Bhagwan and drew upon him three bills of exchanges of Rs. $$10,000$$ each payable after one month, two months and three months respectively. The first bill was retained by Kartar till its maturity. The second bill was endorsed by him in favour of his creditor Ratna and the third bill was discounted by him immediately at the rate of $$6\%$$ per annum. All the bills were met by Bhagwan. Journalise the above transactions in the books of Kartar and Bhagwan. Also prepare ledger accounts in the books of Kartar and Bhagwan.

Solution

In the Books of Kartar
Journal Entries
Date Particulars LF Amt.(Dr) Amt.(Cr)
$$2011$$
Jan $$15$$ Bhagwan Dr
To Sales A/c
(Being goods sold to Bhagwan)
$$30,000$$ $$30,000$$
Jan $$15$$ Bills Receivable Ist A/c Dr
Bills Receivable IInd A/c Dr
Bills Receivable IIIrd A/c Dr
To Bhagwan
(Being three acceptance received each for $$10,000$$)
$$10,000$$
$$10,000$$
$$10,000$$
$$30,000$$
Jan $$15$$ Ratan Dr
To Bills Receivable IInd A/c
(Being IInd bill endorsed in favour of Ratan)
$$10,000$$ $$10,000$$
Jan $$15$$ Bank A/c Dr
Discount A/c Dr
To Bills Receivable IIIrd A/c
(Being IIIrd bill discounted by the bank at the rate of $$6\%$$ per annum)
$$9,850$$
$$150$$
$$10,000$$
Jan $$18$$ Cash A/c Dr
To Bills Receivable Ist A/c
(Being payment received on maturity)

$$10,000$$ $$10,000$$

Bhagwan's Account
Date Particulars JF Amt.(Rs.) Dr. Date Particulars JF Amt.(Rs.) Cr.
$$2011$$ $$2011$$
Jan $$15$$ To Sales A/c $$30,000$$ Jan $$15$$ By Bills Receivable Ist
By Bills Receivable IInd
By Bills Receivable IIIrd
$$10,000$$
$$10,000$$
$$10,000$$

$$30,000$$ $$30,000$$

In the Books of Bhagwan
Journal Entires
Date Particulars LF Amt.(Dr.) Amt.(Cr)
$$2011$$
Jan $$15$$ Purchase A/c Dr
To Kartar
(Being goods purchased)
$$30,000$$ $$30,000$$
Jan $$15$$ Kartar Dr
To Bills Payable Ist A/c
To Bills Payable IInd A/c
To Bills Payable IIIrd A/c
(Being three acceptances given each for $$10,000$$)
$$30,000$$ $$10,000$$
$$10,000$$
$$10,000$$
Feb $$18$$ Bills Payable Ist A/c Dr
To Cash A/c
(Being Ist bill paid on maturity)
$$10,000$$ $$10,000$$
Mar $$18$$ Bills Payable IInd A/c Dr
To Bank A/c
(Being IInd bill paid on maturity)
$$10,000$$ $$10,000$$
Apr $$18$$ Bills Payable IIIrd A/c Dr
To Bank A/c
(Being IIIrd bill met on maturity)
$$10,000$$ $$10,000$$

Kartar's Account
Date Particulars JF Amt.(Rs.) Dr. Date Particular JF Amt.(Rs.) Cr.
$$2011$$ $$2011$$
Jan $$15$$ To Bill Payable Ist
To Bill Payable IInd
To Bills Payable IIIrd
$$10,000$$
$$10,000$$
$$10,000$$

$$30,000$$
Jan $$15$$ By Purchase A/c $$30,000$$




$$30,000$$

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