Numerical Questions · Q18
Q.Kapil purchased goods for ₹21,000 from Gaurav on 1.2.2017 and accepted a bill of exchange drawn by Gaurav for the same amount. The bill was payable after one month. On 25.2.2017 Gaurav sent the bill to his bank for collection. The bill was duly presented by the bank. Kapil dishonoured the bill and the bank paid ₹100 as noting charges. Record the necessary journal entries for the above transactions in the books of Kapil and Gaurav.
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Start your 14-day free trial to unlock the full solution →Bill ₹21,000 for 1 month, dated Feb 01, 2017 ⇒ maturity = March 04, 2017 (Mar 01 + 3 days of grace). The bill was sent for collection on Feb 25, 2017. On dishonour the bank paid ₹100 noting charges, so Kapil owes ₹21,000 + ₹100 = ₹21,100.
In the Books of Gaurav — Journal
| Date | Particulars | L.F. | Debit (₹) | Credit (₹) |
|---|---|---|---|---|
| 2017 Feb. 01 | Kapil's A/c Dr. | 21,000 | ||
| To Sales A/c | 21,000 | |||
| 2017 Feb. 01 | Bills Receivable A/c Dr. | 21,000 | ||
| To Kapil's A/c | 21,000 | |||
| 2017 Feb. 25 | Bills Sent for Collection A/c Dr. | 21,000 | ||
| To Bills Receivable A/c | 21,000 | |||
| 2017 Mar. 04 | Kapil's A/c Dr. | 21,100 | ||
| To Bills Sent for Collection A/c | 21,000 | |||
| To Bank A/c | 100 |
In the Books of Kapil — Journal
| Date | Particulars | L.F. | Debit (₹) | Credit (₹) |
|---|---|---|---|---|
| 2017 Feb. 01 | Purchases A/c Dr. | 21,000 | ||
| To Gaurav's A/c | 21,000 | |||
| 2017 Feb. 01 | Gaurav's A/c Dr. | 21,000 |
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