Numerical Questions · Q15
Q.Asha sold goods worth ₹19,000 to Nisha on March 02, 2017. ₹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 ₹30 as noting charges. Record the necessary journal entries in the books of Asha and Nisha.
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Start your 14-day free trial to unlock the full solution →Goods ₹19,000; ₹4,000 paid immediately ⇒ bill = ₹15,000 for 3 months, drawn Mar 02, 2017 ⇒ maturity = June 05, 2017 (Jun 02 + 3 days of grace). The discount rate is not given in the problem, so the ₹15,000 bill is shown discounted at face value (no discount amount is computable). On dishonour the bank paid ₹30 noting charges, so Nisha owes ₹15,000 + ₹30 = ₹15,030.
In the Books of Asha — Journal
| Date | Particulars | L.F. | Debit (₹) | Credit (₹) |
|---|---|---|---|---|
| 2017 Mar. 02 | Nisha's A/c Dr. | 19,000 | ||
| To Sales A/c | 19,000 | |||
| 2017 Mar. 02 | Cash/Bank A/c Dr. | 4,000 | ||
| To Nisha's A/c | 4,000 | |||
| 2017 Mar. 02 | Bills Receivable A/c Dr. | 15,000 | ||
| To Nisha's A/c | 15,000 | |||
| 2017 Mar. 02 | Bank A/c Dr. | 15,000 | ||
| To Bills Receivable A/c | 15,000 | |||
| 2017 Jun. 05 | Nisha's A/c Dr. | 15,030 | ||
| To Bank A/c | 15,030 |
In the Books of Nisha — Journal
| Date | Particulars | L.F. | Debit (₹) | Credit (₹) |
|---|---|---|---|---|
| 2017 Mar. 02 | Purchases A/c Dr. | 19,000 | ||
| To Asha's A/c | 19,000 | |||
| 2017 Mar. 02 | Asha's A/c Dr. | 4,000 | ||
| To Cash/Bank A/c | 4,000 | |||
| 2017 Mar. 02 | Asha's A/c Dr. | 15,000 |
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