{"id":107961,"date":"2021-07-26T19:15:59","date_gmt":"2021-07-26T13:45:59","guid":{"rendered":"https:\/\/www.kopykitab.com\/blog\/?p=107961"},"modified":"2021-08-05T13:52:49","modified_gmt":"2021-08-05T08:22:49","slug":"ncert-solutions-for-class-11-accountancy-chapter-8","status":"publish","type":"post","link":"https:\/\/www.kopykitab.com\/blog\/ncert-solutions-for-class-11-accountancy-chapter-8\/","title":{"rendered":"Class 11 Accountancy NCERT Solutions for Chapter 8 2021: Download PDF"},"content":{"rendered":"\n<p><img class=\"alignnone size-full wp-image-107965\" src=\"https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/07\/CHAPTER8.jpg\" alt=\"NCERT Solutions for Class 11 Accountancy Chapter 8\" width=\"1200\" height=\"675\" srcset=\"https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/07\/CHAPTER8.jpg 1200w, https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/07\/CHAPTER8-768x432.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><strong>NCERT Solutions for Class 11 Accountancy Chapter 8: <\/strong>When you don&#8217;t know how to solve simple accounting difficulties, they appear more difficult. Don&#8217;t worry, we&#8217;ve got you covered with our NCERT Solutions For <a href=\"https:\/\/www.kopykitab.com\/Class-11-Accountancy\">Class 11 Accountancy<\/a> Chapter 8. We bring Class 11 form so that you can simply identify and comprehend the more difficult problems. We&#8217;ll look at Bill of Exchange in Accountancy Class 11 Chapter 8 and how it&#8217;s managed.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_47_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69f4644e54dbe\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg 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PDF<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.kopykitab.com\/blog\/ncert-solutions-for-class-11-accountancy-chapter-8\/#download-the-pdf-for-class-11-ncert-solutions-for-class-11-accountancy-chapter-8\" title=\"Download the PDF for class 11 NCERT Solutions For Class 11 Accountancy Chapter-8\">Download the PDF for class 11 NCERT Solutions For Class 11 Accountancy Chapter-8<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.kopykitab.com\/blog\/ncert-solutions-for-class-11-accountancy-chapter-8\/#ncert-solutions-for-class-11-accountancy-chapter-8-overview\" title=\"NCERT Solutions For Class 11 Accountancy Chapter-8: Overview\">NCERT Solutions For Class 11 Accountancy Chapter-8: Overview<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.kopykitab.com\/blog\/ncert-solutions-for-class-11-accountancy-chapter-8\/#access-ncert-solutions-for-class-11-accountancy-chapter-8\" title=\"Access NCERT Solutions For Class 11 Accountancy Chapter 8\">Access NCERT Solutions For Class 11 Accountancy Chapter 8<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.kopykitab.com\/blog\/ncert-solutions-for-class-11-accountancy-chapter-8\/#long-answers-for-class-11-accountancy-chapter-8-%e2%80%93-bill-of-exchange\" title=\"Long Answers for Class 11 Accountancy Chapter 8 \u2013 Bill of Exchange\">Long Answers for Class 11 Accountancy Chapter 8 \u2013 Bill of Exchange<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.kopykitab.com\/blog\/ncert-solutions-for-class-11-accountancy-chapter-8\/#numerical-answers-for-class-11-accountancy-chapter-8-%e2%80%93-bill-of-exchange\" title=\"Numerical Answers for Class 11 Accountancy Chapter 8 \u2013 Bill of Exchange\">Numerical Answers for Class 11 Accountancy Chapter 8 \u2013 Bill of Exchange<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.kopykitab.com\/blog\/ncert-solutions-for-class-11-accountancy-chapter-8\/#concepts-covered-in-this-chapter\" title=\"Concepts covered in this chapter\">Concepts covered in this chapter<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.kopykitab.com\/blog\/ncert-solutions-for-class-11-accountancy-chapter-8\/#access-other-chapters-and-ncert-solutions-for-class-11-accountancy-chapter-8\" title=\"Access Other Chapters and NCERT Solutions For Class 11 Accountancy Chapter 8\">Access Other Chapters and NCERT Solutions For Class 11 Accountancy Chapter 8<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.kopykitab.com\/blog\/ncert-solutions-for-class-11-accountancy-chapter-8\/#faq-frequently-asked-questions-ncert-solutions-for-class-11-accountancy-ch-8\" title=\"FAQ (Frequently Asked Questions):NCERT Solutions for Class 11 Accountancy Ch-8\u00a0\">FAQ (Frequently Asked Questions):NCERT Solutions for Class 11 Accountancy Ch-8\u00a0<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.kopykitab.com\/blog\/ncert-solutions-for-class-11-accountancy-chapter-8\/#what-is-the-difference-between-promissory-notes-and-bills-of-exchange\" title=\"What is the difference between promissory notes and bills of exchange?\">What is the difference between promissory notes and bills of exchange?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.kopykitab.com\/blog\/ncert-solutions-for-class-11-accountancy-chapter-8\/#what-is-the-significance-of-the-exchange-bill\" title=\"What is the significance of the exchange bill?\">What is the significance of the exchange bill?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.kopykitab.com\/blog\/ncert-solutions-for-class-11-accountancy-chapter-8\/#name-the-parties-to-a-promissory-note\" title=\"Name the parties to a promissory note\">Name the parties to a promissory note<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.kopykitab.com\/blog\/ncert-solutions-for-class-11-accountancy-chapter-8\/#what-is-meant-by-acceptance-of-a-bill-of-exchange\" title=\"What is meant by acceptance of a bill of exchange?\">What is meant by acceptance of a bill of exchange?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"ncert-solutions-for-class-11-accountancy-chapter-8-pdf\"><\/span><strong>NCERT Solutions For Class 11 Accountancy Chapter-8 PDF<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/07\/NCERT-Solutions-for-Class-11-Accountancy-Part-1-Chapter-8.pdf\" target=\"_blank\" rel=\"noopener\">NCERT solutions for Class 11 Accountancy Chapter 8<\/a><\/p>\n<p>\u00a0<\/p>\n<div id=\"example1\" style=\"text-align: justify;\">\u00a0<\/div>\n<p style=\"text-align: justify;\"><style>\n.pdfobject-container { height: 800px;}<br \/>\n.pdfobject { border: 1px solid #666; }<br \/>\n<\/style><\/p>\n<p style=\"text-align: justify;\"><script src=\"https:\/\/www.kopykitab.com\/_utility\/js\/pdfobject.min.js\"><\/script><br \/><script>PDFObject.embed(\"https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/07\/NCERT-Solutions-for-Class-11-Accountancy-Part-1-Chapter-8.pdf\", \"#example1\");<\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"download-the-pdf-for-class-11-ncert-solutions-for-class-11-accountancy-chapter-8\"><\/span><strong>Download the PDF for class 11 NCERT Solutions For Class 11 Accountancy Chapter-8<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: center;\"><a style=\"width: auto; padding: 18px; cursor: pointer; font-weight: bold; border-radius: 40px; color: #ffffff; background: #ff4500;\" href=\"https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/07\/NCERT-Solutions-for-Class-11-Accountancy-Part-1-Chapter-8.pdf\" target=\"_blank\" rel=\"noopener\">Click Here<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"ncert-solutions-for-class-11-accountancy-chapter-8-overview\"><\/span><strong>NCERT Solutions For Class 11 Accountancy Chapter-8: Overview<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>What is the Bill of Exchange?<\/strong><\/p>\n<p>In accounting, a bill of exchange is a negotiable instrument. It is a legally enforceable agreement between two parties to pay a specific amount of money on demand. They&#8217;re primarily employed in international trade. According to the Negotiable Instruments Act of 1881, a bill of exchange is a written instrument raised by the maker in unconditional order to a specific person or to a specific person or to a specific person or to a specific person or to a specific person or to a specific person or to a specific person or to a bearer of the instrument to pay a fixed amount on demand. The Bill of Exchange is elaborated in NCERT Solutions For Class 11 Accountancy Chapter 8<\/p>\n<p><strong>There are three units involved in the transaction: Drawee, Drawer and Payee<\/strong><\/p>\n<p>There Are Three Units Involved in the<\/p>\n<p>Drawee- Is the person or entity who makes a payment to the payee.<\/p>\n<p>Drawer-Is the party who demands that the drawee pay the third party the sum.<\/p>\n<p>Payee- Is the party who paid the drawee&#8217;s stipulated amount<\/p>\n<p>The title, amount to be paid, date to be paid, payee name and status, identification number, and signature of the drawee are all included in the Bill of Exchange.<\/p>\n<p><strong>Different bills of Exchange\u00a0<\/strong><\/p>\n<p>You will come across numerous sorts of Bills of Exchange in CBSE NCERT Solutions For Class 11 Accountancy Chapter 8.<\/p>\n<p>Documentary Bill: As the name implies, a documentary bill is evidence of what happened between the seller and the customer.<\/p>\n<p>papers proving that the transaction took place<\/p>\n<ol start=\"2\">\n<li>Demand Bill: A demand bill is one that is paid when it is requested. It does not have a set expiration date, thus it can be cleared anytime it is needed.<\/li>\n<\/ol>\n<ol start=\"3\">\n<li>Clean Bill: A clean bill is one that contains no documentary evidence that the transaction occurred.<\/li>\n<\/ol>\n<p>Foreign Bill: A foreign bill is one that is paid outside of India, as the name implies. Import and export bills are examples of foreign bills.<\/p>\n<ol start=\"5\">\n<li>Trade Bill: A trade measure is a bill that focuses solely on trade issues.<\/li>\n<\/ol>\n<ol start=\"6\">\n<li>Supply Bill: A supply bill is a bill that is withdrawn from a government department by either a supplier or a contractor.<\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"access-ncert-solutions-for-class-11-accountancy-chapter-8\"><\/span>Access NCERT Solutions For Class 11 Accountancy Chapter 8<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>\u00a0Name any two types of commonly used negotiable instruments.<\/strong><\/p>\n<p>1. Promissory Notes<\/p>\n<p>2. Cheques<\/p>\n<p><strong>2. Write two points of distinction between bills of exchange and promissory note.<\/strong><\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td><strong>Basis of Distinction<\/strong><\/td>\n<td><strong>Bills of Exchange<\/strong><\/td>\n<td><strong>Promissory Note<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Drawn by<\/td>\n<td>Creditor<\/td>\n<td>Debtor<\/td>\n<\/tr>\n<tr>\n<td>Parties Involved<\/td>\n<td>Three parties are involved which are drawer, payee and drawee.<\/td>\n<td>It involves two parties which are payee and drawer\/maker.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>3. State any four essential features of bill of exchange.<\/strong><\/p>\n<p>The following four features are considered essential for a bill of exchange:<\/p>\n<p>1. The bill of exchange must be in writing<\/p>\n<p>2. A bill of exchange should contain an unconditional order to pay.<\/p>\n<p>3. Drawer of the bill must sign the bill.<\/p>\n<p>4. The amount and the expiry date should be mentioned specifically in the bill of exchange.<\/p>\n<p><strong>4. State the three parties involved in a bill of exchange.<\/strong><\/p>\n<p>A bill of exchange involves three parties and they are:<\/p>\n<p>1. Drawer\/Maker\/Holder- Responsible for issuing the bill<\/p>\n<p>2. Payee\/Holder- The person who will receive the payment<\/p>\n<p>3. Drawee\/Acceptor- One who has to accept the bill<\/p>\n<p><strong>5. What is meant by maturity of a bill of exchange?<\/strong><\/p>\n<p>The date where the bill is ready for payment is called as maturity of a bill. The date of maturity is arrived after adding 3 days of grace to the due date as per terms of the bill. The concept of due date will further help you in understanding maturity of a bill. It consists of following terms<\/p>\n<p>1. Bill at Sight: This type of bill is due as and when it is presented.<\/p>\n<p>2. Bill after Sight: In this type of bill the due date is calculated from the date the debtor accepts the bill plus the period as per terms of the bill. Maturity date is calculated by adding 3 days to the due date.<\/p>\n<p>3. Bill after Date: In this type of bill, the due date is calculated from the date on which bill is drawn plus the period as per terms of bill. Maturity date is calculated adding 3 days to the due date.<\/p>\n<p>Exceptions to maturity of bill: If the due date of the bill falls on a national holiday (like Independence Day) or on a Sunday, at that time the bill due date is counted one day prior to the original date and if the due date fall on a emergency holiday (like nationwide strike) at that time the bill due date is counted one day later.<\/p>\n<p><strong>6. What is meant by dishonour of a bill of exchange?<\/strong><\/p>\n<p>The situation where the drawee of the bill of exchange is unable to process the payment as per the maturity date of the bill, it is known as dishonour of bill of exchange. With this liability of the acceptor is re-established and he\/she becomes a debtor again. To reflect the changes, the receipt of bill of exchange should be reversed.<\/p>\n<p><strong>7. Name the parties to a promissory note<\/strong><\/p>\n<p>Two parties are involved in promissory note:<\/p>\n<p>1. Maker\/Drawer,\u00a0Also known as promisor, is the one who is the maker of the note and is the one responsible to pay the sum as mentioned on promissory note.<\/p>\n<p>2.\u00a0Promisee or Payee is the one who will be receiving the payment.<\/p>\n<p><strong>8. What is meant by acceptance of a bill of exchange?<\/strong><\/p>\n<p>A bill of exchange drawn by a creditor upon debtor involves an unconditional order to pay in writing, but the same must be accepted by the debtor or someone on his\/her behalf in order to make the debtor liable to pay. It is a draft before acceptance by debtor. So once the debtor has written the term \u201caccepted\u201d and signed the document, it is then known as bill of exchange and this process is called acceptance of bill of exchange.<\/p>\n<p><strong>9. What is Noting of a bill of exchange.<\/strong><\/p>\n<p>A bill of exchange is said to be dishonoured when the drawee is unable to make the payment upon presenting of the bill by drawer. To retain a legal evidence of the dishonoured bill, notary public needs to record it. The charges levied by notary public for recording the failed transaction is called noting charges and the process of recording is referred to as noting.<\/p>\n<p><strong>10. What is meant by renewal of a bill of exchange?<\/strong><\/p>\n<p>A bill of exchange is said to be renewed when the debtor\/acceptor have insufficient funds to pay the drawer and hence requests for time extension in order to make payment. A new bill of exchange is drawn on being agreed by the drawer of the bill. This process is called renewal of bill of exchange. The bill gets renewal only if the drawee agrees to pay a certain rate of interest as decided for the period of extension.<\/p>\n<p><strong>11. Give the performa of a Bills Receivable Book.<\/strong><\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td><strong>Serial Number<\/strong>\u00a0<strong>of Bill<\/strong><\/td>\n<td><strong>Date Received<\/strong><\/td>\n<td><strong>Date of Bill<\/strong><\/td>\n<td><strong>Received From Whom<br \/><\/strong><\/td>\n<td><strong>Drawer<\/strong><\/td>\n<td><strong>Acceptor<\/strong><\/td>\n<td><strong>Where payable<\/strong><\/td>\n<td><strong>Term<\/strong><\/td>\n<td><strong>Due date<\/strong><\/td>\n<td><strong>Ledger Folio<\/strong><\/td>\n<td><strong>Amount<\/strong><\/td>\n<td><strong>Cash Book Folio<\/strong><\/td>\n<td><strong>Remarks<\/strong><\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>12. Give the performa of a Bills Payable Book.<\/strong><\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td><strong>Serial Number<\/strong>\u00a0<strong>of Bill<\/strong><\/td>\n<td><strong>Date of Bill<\/strong><\/td>\n<td><strong>Given To Whom<br \/><\/strong><\/td>\n<td><strong>Drawer<\/strong><\/td>\n<td><strong>Payee<\/strong><\/td>\n<td><strong>Payable Where<br \/><\/strong><\/td>\n<td><strong>Term of Bill<br \/><\/strong><\/td>\n<td><strong>Due Date<\/strong><\/td>\n<td><strong>Ledger Folio<\/strong><\/td>\n<td><strong>Amount Paid<\/strong><\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Cash Book Folio<\/strong><\/td>\n<td><strong>Remarks<\/strong><\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>13. What is retirement of a bill of exchange?<\/strong><\/p>\n<p>When a drawee of bill of exchange has adequate funds and requests the drawer to accept the payment before maturity date, and once the drawer accepts, it is known as retirement of the bill of exchange as the bill of exchange is closed before maturity.<\/p>\n<p><strong>14. Give the meaning of rebate.<\/strong><\/p>\n<p>The discount received by a drawee from the holder on advance payment of the bill of exchange to the holder (before due date or maturity date) is known as rebate.<\/p>\n<p><strong>15. Give the performa of a Bill of Exchange<\/strong>.<\/p>\n<p>The following is a performa of bill of exchange<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td>Mr. Y (Drawer)\n<p>\u20b9 10,000<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>Bengaluru\n<p>July 10, 2019<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\">One month after date pay to me or my order, the sum of rupees ten thousand only, for value received<\/td>\n<\/tr>\n<tr>\n<td><img class=\"wp-image-1164705\" src=\"https:\/\/cdn1.byjus.com\/wp-content\/uploads\/2019\/10\/https-img-nm-mnimgs-com-img-study_content-curr-1.gif\" alt=\"https:\/\/img-nm.mnimgs.com\/img\/study_content\/curr\/1\/13\/17\/2370\/14257\/Gr11_Acc_NCERT_TQ_Chap8_DP_Ami_mal_html_26f72040.gif\" \/>\n<p>Accepted<\/p>\n<p>(Signed)<\/p>\n<p>To<\/p>\n<p>Mr. W (Drawee)<\/p>\n<p>July 10, 2019<\/p>\n<p>J.P Nagar, Bengaluru<\/p>\n<p>560078<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>(Signed)\n<p>Mr. Y<\/p>\n<p>Brigade Road, Bengaluru<\/p>\n<p>560001<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"long-answers-for-class-11-accountancy-chapter-8-%e2%80%93-bill-of-exchange\"><\/span><strong>Long Answers for Class 11 Accountancy Chapter 8 \u2013 Bill of Exchange<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>1. A bill of exchange must contain an unconditional promise to pay. Do you agree with a statement?<\/strong><\/p>\n<p>The Negotiable Instrument Act, 1881 defines bill of exchange as, \u201c<strong><em>A bill of exchange is defined as an instrument in writing, containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of, a certain person or to the bearer of the instrument<\/em><\/strong>.\u201d<\/p>\n<p>One of the most significant feature of a negotiable instrument is an unconditional order to pay. The drawee cannot add any conditions such as payment will be done only if debtors pay or business makes profit.<\/p>\n<p>A bill of exchange must contain an unconditional order to pay for the following reasons:<\/p>\n<p>1. To avoid any kind of conflict at the time of payment<\/p>\n<p>2. To provide security to the creditor and also bound the debtor to pay the amount.<\/p>\n<p>3. To comply with The Negotiable Instruments Act, 1881.<\/p>\n<p><strong>2. Briefly explain the effects of dishonour and noting of a bill of exchange.<\/strong><\/p>\n<p>When the drawee of the bill of exchange is unable to complete the payment on the date of maturity of the bill, it is known as dishonour of bill of exchange. With this liability of the acceptor is re-established and he\/she becomes a debtor again. To reflect the changes, the receipt of bill of exchange should be reversed.<\/p>\n<p><strong>The following entries will be made in books of holder\/drawer (Nonpayment of noting charges)<\/strong>:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"2\">Drawee A\/c<\/td>\n<td>Dr.<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">(Bill of exchange dishonoured)<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Entry in the books of drawee:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"2\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>To Drawer<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">(Bill of exchange dishonoured)<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Notary public charges a fee for keeping proof a dishonoured bill. These charges are beared by the drawee of the bill.<\/p>\n<p>Following piece of information are noted by the notary public.<\/p>\n<p>1. Amount and date of the bill<\/p>\n<p>2. Possible Reason for dishonouring of bill<\/p>\n<p>3. Fees charged for Noting<\/p>\n<p><strong>Entries of noting charges in the books of drawer (Payment done for noting charges):<\/strong><\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"2\">Drawee<\/td>\n<td>Dr.<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>To Cash A\/c (Noting charges)<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">(Bill of exchange dishonoured and Noting charges paid)<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>In the books of drawee:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"2\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">Noting charges A\/c<\/td>\n<td>Dr.<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>To Drawer<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">(Bill of exchange dishonoured and Noting charges due)<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>3. Explain briefly the procedure of calculating the date of maturity of a bill of exchange? Give example.<\/strong><\/p>\n<p>The following steps discusses the procedure of calculating bill of exchange maturity date:<\/p>\n<p>1. Determine the due date of the bill as per terms of bills of exchange.<\/p>\n<p>2. Grace period of three days must be added to the due date to arrive at maturity date.<\/p>\n<p>For e.g., a bill having due date of 30 days (a month) is drawn on 1<sup>st<\/sup>\u00a0August then due date is 1<sup>st<\/sup>\u00a0September. Adding 3 grace period we arrive at bill maturity and payment due date which is on 4<sup>th<\/sup>\u00a0October.<\/p>\n<p>Calculation of Days of grace period depends on these situations:<\/p>\n<p><strong>1. Known Holidays:<\/strong>\u00a0If due date for payment falls on a national holiday or on a Sunday, then payment need to be processed the following day. The following examples will make it easier to understand.<\/p>\n<ol>\n<li>A bill that is drawn on 23<sup>rd<\/sup>\u00a0December with due date of 23<sup>rd<\/sup>\u00a0January, adding the grace period (3 days) the maturity date comes to 26<sup>th<\/sup>\u00a0January. However, as 26<sup>th<\/sup>\u00a0January is a national holiday; so, 25<sup>th<\/sup>\u00a0January becomes the due date for payment.<\/li>\n<li>A bill is drawn on 1<sup>st<\/sup>\u00a0June with maturity period of a month, the due date arrived is 1<sup>st<\/sup>\u00a0July. On adding 3 days of grace, the payment due date is 4<sup>th<\/sup>\u00a0July. However, if 4<sup>th<\/sup>\u00a0July is a Sunday, in this case payment needs to be completed on 3<sup>rd<\/sup>\u00a0July.<\/li>\n<\/ol>\n<p><strong>2. Unexpected holidays:<\/strong>\u00a0If due date for payment falls on an holiday due to emergency, then the next day becomes the day on which payment needs to be done. For example, a bill drawn on 1<sup>st<\/sup>\u00a0May with a term of 20 days, then, adding grace period of 3 days, the payment due date becomes 24<sup>th<\/sup>\u00a0May. But, if a nationwide strike gets declared on 24<sup>th<\/sup>\u00a0May, then 25<sup>th<\/sup>\u00a0May is the new due date for the payment of the bill as per rules.<\/p>\n<p><strong>4. Distinguish between bill of exchange and promissory note.<\/strong><\/p>\n<p>The points of comparison are as follows:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td><strong>Basis of Comparison<\/strong><\/td>\n<td><strong>Bills of Exchange<\/strong><\/td>\n<td><strong>Promissory Note<\/strong><\/td>\n<\/tr>\n<tr>\n<td>What it contains<\/td>\n<td>It contains an order to pay<\/td>\n<td>It contains a promise to pay<\/td>\n<\/tr>\n<tr>\n<td>Parties<\/td>\n<td>It involves three parties which are : drawer, payee and acceptor<\/td>\n<td>It involves two parties and they are: maker\/drawer and payee<\/td>\n<\/tr>\n<tr>\n<td>Drawn by<\/td>\n<td>Creditor<\/td>\n<td>Debtor<\/td>\n<\/tr>\n<tr>\n<td>Acceptance<\/td>\n<td>Acceptance required by the debtor<\/td>\n<td>Being drawn by promissor, it requires no acceptance<\/td>\n<\/tr>\n<tr>\n<td>Payee<\/td>\n<td>The same person can be payee and drawer<\/td>\n<td>Promissor and Payee cannot be same<\/td>\n<\/tr>\n<tr>\n<td>Noting in case of dishonour<\/td>\n<td>Dishonouring of the instrument, leads to noting of the bill<\/td>\n<td>No requirement of noting<\/td>\n<\/tr>\n<tr>\n<td>Liability<\/td>\n<td>Liability does not rest with the drawer primarily<\/td>\n<td>Promissor is primarily responsible<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>5. Briefly explain the purpose and benefits of retiring a bill of exchange to the debtor and the creditor.<\/strong><\/p>\n<p>Retirement of bill of exchange happens when the holder of the bill of exchange receives a payment from acceptor before the accepted maturity date of the bill. In such cases the bill holder provides some discount to the acceptor and such a discount offered is called \u201crebate\u201d.<\/p>\n<p>The following are the benefits of retiring of a bill of exchange for debtor and creditor:<\/p>\n<p>1. Improves the trust between two parties in transaction, namely, debtor and creditor.<\/p>\n<p>2. Allows creditor to use the money for further business<\/p>\n<p>3. Rebate provided by creditor becomes revenue for debtor<\/p>\n<p>4. More business transactions can be conducted between two parties.<\/p>\n<p><strong>6. Explain briefly the purpose and advantages of maintaining of a Bills Receivable Book.<\/strong><\/p>\n<p>In day to day operations, a business receives many bills. Maintaining a journal for all such bills is a cumbersome task. In this case, a specialized book is created which keeps record of all such bills that are received from the debtors. This book contains all the necessary information such as bill date, due date, amount, debtors name and it is summed up on a periodical basis and the balance thus obtained is transferred to debit side of the bills receivable account.<\/p>\n<p><strong>Maintaining a bills receivable book has following benefits:<\/strong><\/p>\n<p>1. All information pertaining to the bills receivable, such as due date, amount, etc., get recorded in one place, thereby makes it easy to access the records.<\/p>\n<p>2. Likelihood of fraud is greatly minimized as bills are recorded in one place.<\/p>\n<p>3. Higher level of liability and obligation exists on the person maintaining the accounts. If any error is spotted, it can be rectified easily.<\/p>\n<p>4. Time of the accountant is saved as recording of transactions are recurring and similar in nature.<\/p>\n<p>5. As it is a particular book only dealing with bills receivable, it is easy to locate all details pertaining to a specific bill of exchange.<\/p>\n<p><strong>7. Briefly explain the benefits of maintaining a Bills Payable Book and state how is its posting is done in the ledger?<\/strong><\/p>\n<p>Maintaining bills payable book has following benefits:<\/p>\n<p>1. Quick, efficient and accurate recording of business transactions.<\/p>\n<p>2. Minimizes the chances of fraud as all the bills are recorded at one place<\/p>\n<p>3. A high degree of accountability and answerability on part of the accountant is observed as all the transactions get verified by the same person which leads to easy detection and rectification of errors.<\/p>\n<p>4. As information is documented by an individual, it improves the division of labour and efficiency of organization.<\/p>\n<p><strong>Procedure of posting to ledger:<\/strong><\/p>\n<p>The recordings from the Bills Payable Book are posted to the accounts of the creditors who received acceptance from the debtors. These books are then totaled periodically and credited to the Bills Payable Account in the ledger.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"numerical-answers-for-class-11-accountancy-chapter-8-%e2%80%93-bill-of-exchange\"><\/span><strong>Numerical Answers for Class 11 Accountancy Chapter 8 \u2013 Bill of Exchange<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>1. On Jan 01, 2016 Rao sold goods \u20b9 10,000 to Reddy. Half of the payment was made immediately and for the remaining half Rao drew a bill of exchange upon Reddy payable after 30 days. Reddy accepted the bill and returned it to Rao. On the due date Rao presented the bill to Reddy and received the payment. Journalise the above transactions in the books Rao and prepare of Rao\u2019s account in the books of Reddy.<\/strong><\/p>\n<p>The transactions are journalized below:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"7\"><strong>Books of Rao<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\"><strong>Journal\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit<\/strong>\n<p><strong>Amount<\/strong><\/p>\n<p>\u20b9<\/p>\n<\/td>\n<td><strong>Credit<\/strong>\n<p><strong>Amount<\/strong><\/p>\n<p>\u20b9<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"2\">Reddy<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Goods tradedto Reddy)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"2\">Cash A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Reddy<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Cash received from Reddy)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"2\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Reddy<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Bill received for 30 days accepted by Reddy)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>03 Feb<\/td>\n<td colspan=\"2\">Cash A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Reddy\u2019s acceptance met on due date)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Reddy<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\"><strong>Rao\u2019s Account<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount<\/strong>\n<p>\u20b9<\/p>\n<\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount<\/strong>\n<p>\u20b9<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td>Cash<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<td>01 Jan<\/td>\n<td>Purchases<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>2. On Jan 01, 2016, Shankar purchased goods from Parvati for \u20b9 8,000 and immediately drew a promissory note in favour of Parvati payable after 3 months. On the date of maturity of the promissory note, the Government of India declared holiday under the Negotiable Instrument Act 1881. Since, Parvati was unaware about the provision of the law regarding the date of maturity of the bill, she handed over the bill to her lawyer, who duly presented the bill and received the payment. The amount of the bill was handed over by the lawyer to Parvati immediately. Record the necessary Journal entries in the books of Parvati and Shankar.<\/strong><\/p>\n<p>The necessary journal entries are as follows:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Parvati<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\"><strong>\u00a0Journal<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"4\"><strong>Particulars<\/strong><\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit<\/strong>\n<p><strong>Amount<\/strong><\/p>\n<p>\u20b9<\/p>\n<\/td>\n<td><strong>Credit<\/strong>\n<p><strong>Amount<\/strong><\/p>\n<p>\u20b9<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"3\">Shankar<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>8,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>8,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Sold goods to Shankar)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"3\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>8,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Shankar<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>8,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Shankar sent Promissory Note for\n<p>three months)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>05 Apr<\/td>\n<td colspan=\"3\">Cash A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>8,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>8,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Cash received for Promissory Note one day after the\n<p>Maturity date on account of holiday declared by Govt.)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Shankar<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\"><strong>Journal\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit<\/strong>\n<p><strong>Amount<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Credit<\/strong>\n<p><strong>Amount<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"3\">Purchases A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>8,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Parvati<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>8,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods purchased from Parvati)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"3\">Parvati<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>8,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>8,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Promissory note for three months sent to Parvati)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>05 Apr<\/td>\n<td colspan=\"3\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>8,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Cash A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>8,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Cash paid on maturity of promissory note)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>3. Vishal sold goods for \u20b9 7,000 to Manju on Jan 05, 2016 and drew upon her a bill of exchange payable after 2 months. Manju accepted Vishal\u2019s draft and handed over the same to Vishal after acceptance.\u00a0Vishal immediately discounted the bill with his\u00a0bank@12% p.a. On the due date Manju met her acceptance. Journalise the above transactions in the books of Vishal and Manju.<\/strong><\/p>\n<p>The transactions are journalized as follows:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Vishal\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\"><strong>Journal<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit<\/strong>\n<p><strong>Amount\u00a0<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Credit\u00a0<\/strong>\n<p><strong>Amount\u00a0<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>05 Jan<\/td>\n<td colspan=\"3\">Manju<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>7,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>7,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Good Manju)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>05 Jan<\/td>\n<td colspan=\"3\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>7,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Manju<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>7,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Manju\u2019s acceptance received for two months)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>05 Jan<\/td>\n<td colspan=\"3\">Bank A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>6,860<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">Discount A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>140<\/td>\n<td>7,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bill Receivable discounted with the bank @ 12 % p.a. for two months)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Manju\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\"><strong>Journal<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit\u00a0<\/strong>\n<p><strong>Amount<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Credit<\/strong>\n<p><strong>Amount<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>05 Jan<\/td>\n<td colspan=\"3\">Purchases A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>7,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Vishal<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>7,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(purchasing from Vishal)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>05 Jan<\/td>\n<td colspan=\"3\">Vishal<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>7,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>7,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bill drawn by Vishal acknowledged)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 Mar<\/td>\n<td colspan=\"3\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>7,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>7,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bill Payable Amount paid to bank on maturity)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>4. On 01 Feb, 2016, John purchased goods for \u20b9 15,000 from Jimmi. He immediately made a payment of \u20b9 5,000 by cheque and for the balance accepted the bill of exchange drawn upon him by Jimmi. The bill of exchange was payable after 40 days. Five days before the maturity of the bill, Jimmi sent the same to his bank for collection. The bank duly presented the bill to John on the due date who met the bill. The bank informed the same to Jimmi. Prepare John\u2019s account in the books of Jimmi and Jimmi account in the books of John.<\/strong><\/p>\n<p>The entries are shown below:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Jimmi<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\"><strong>Journal<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit<\/strong>\n<p><strong>Amount<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Credit<\/strong>\n<p><strong>Amount<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"3\">John<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods traded to John)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"3\">Bank A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To John<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Cheque acknowledged for \u20b9 5,000 from John)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"3\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To John<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bill received from John for 40 days)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>10 Mar<\/td>\n<td colspan=\"3\">Bill Sent for Collection A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(John\u2019s approval sent to bank for collection)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Mar<\/td>\n<td colspan=\"3\">Bank A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Bill Sent for Collection A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(John\u2019s approval met on due date and bank\n<p>got the payment)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Ledger\u00a0<\/strong>\n<p><strong>John\u2019s Account<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td>Sales<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<td>01 Feb<\/td>\n<td>Bank<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>01 Feb<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"9\"><strong>Books of John<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\"><strong>Journal<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit\u00a0<\/strong>\n<p><strong>Amount\u00a0<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Credit<\/strong>\n<p><strong>Amount<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"4\">Purchases A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">To Jimmi<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Goods purchased from Jimmi)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"4\">Jimmi<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>To Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Cheque payment done to Jimmi)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"4\">Jimmi<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Bill drawn by Jimmi acknowledged for 40 days)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Mar<\/td>\n<td colspan=\"4\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>To Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Payment of bill done on maturity to bank)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Ledger\u00a0<\/strong>\n<p><strong>Jimmi\u2019s Account<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td>Bank<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<td>01 Feb<\/td>\n<td>Purchases<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>5. On Jan 15, 2015, Kartar Sold goods for \u20b9 30,000 to Bhagwan and drew upon him three bills of exchanges of \u20b9 10,000 each payable after one month, two month, 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\u00a0by him immediately @ 6% p.a. All the bills were met by Bhagwan. Journalise the above transactions in the books of Kartar and Bhagwan. Also prepare ledger accounts in books of Kartar and Bhagwan.<\/strong><\/p>\n<p>The solution is as follows:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"9\"><strong>Journal Entries in the Books of Kartar<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit\u00a0<\/strong>\n<p><strong>Amount\u00a0<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Credit\u00a0<\/strong>\n<p><strong>Amount\u00a0<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2015<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"4\">Bhagwan<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>30,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>30,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">( Goods traded to Bhagwan)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"4\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Bhagwan A\/C<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Three bills of \u20b9 10,000 each, received from\n<p>Bhagwan)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"3\">Ratna<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Receivable A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(\u20b9 10,000 bill from Bhagwan endorsed to Ratna)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"3\">Bank A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>9,850<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">Discount A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>150<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Receivable A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(B\/R discounted)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>19 Feb<\/td>\n<td colspan=\"3\">Cash A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Receivable A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(First bill for one month paid by Bhagwan, on due date)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"10\"><strong>Bhagwan\u2019s Account<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td colspan=\"8\">\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\"><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount<\/strong>\n<p><strong>(\u20b9)<\/strong><\/p>\n<\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td colspan=\"2\"><strong>Amount<\/strong>\n<p><strong>(\u20b9)<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">2015<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2015<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">15 Jan<\/td>\n<td>Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>30,000<\/td>\n<td>15 Jan<\/td>\n<td>Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">30,000<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>30,000<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>30,000<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"10\"><strong>Ratna\u2019s Account<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td colspan=\"8\">\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\"><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount<\/strong>\n<p><strong>(\u20b9)<\/strong><\/p>\n<\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td colspan=\"2\"><strong>Amount<\/strong>\n<p><strong>(\u20b9)<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">2015<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2015<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">15 Jan<\/td>\n<td>Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>15 Jan<\/td>\n<td>Balance b\/d<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">10,000<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>10,000<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>10,000<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"10\"><strong>Bills Receivable Account<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td colspan=\"8\">\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\"><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount<\/strong>\n<p><strong>(\u20b9)<\/strong><\/p>\n<\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td colspan=\"2\"><strong>Amount<\/strong>\n<p><strong>(\u20b9)<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">2015<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2015<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">15 Jan<\/td>\n<td>Bhagwan<\/td>\n<td>\u00a0<\/td>\n<td>30,000<\/td>\n<td>15 Jan<\/td>\n<td>Ratna<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">10,000<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15 Jan<\/td>\n<td>Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">9,850<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15 Jan<\/td>\n<td>Discount A\/c<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">150<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>19 Feb<\/td>\n<td>Cash<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">10,000<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>30,000<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>30,000<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"11\"><strong>Cash Account<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td colspan=\"8\">\u00a0<\/td>\n<td colspan=\"2\"><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\"><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount<\/strong>\n<p><strong>(\u20b9)<\/strong><\/p>\n<\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td colspan=\"2\"><strong>Amount<\/strong>\n<p><strong>(\u20b9)<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">2015<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2015<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">19 Feb<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>19 Feb<\/td>\n<td>Balance c\/d<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">10,000<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>10,000<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>10,000<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"10\"><strong>Bank\u2019s Account<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td colspan=\"8\">\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\"><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount<\/strong>\n<p><strong>(\u20b9)<\/strong><\/p>\n<\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td colspan=\"2\"><strong>Amount<\/strong>\n<p><strong>(\u20b9)<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">2015<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2015<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">15 Jan<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>9,850<\/td>\n<td>15 Jan<\/td>\n<td>Balance c\/d<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">9,850<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>9,850<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>9,850<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Journal Entries in the Books of Bhagwan<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit<\/strong>\n<p><strong>Amount<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Credit<\/strong>\n<p><strong>Amount<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2015<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"3\">Purchases A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>30,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Kartar<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>30,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Good bought from Kartar on credit)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"3\">Kartar<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>30,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>30,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Three bill \u20b9 10,000 each drawn by Kartar\u2013\n<p>Accepted and \u00a0returned them to Kartar)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>19 Feb<\/td>\n<td colspan=\"3\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Cash A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(First bill payment completed on due date)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>19 Mar<\/td>\n<td colspan=\"3\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Second bill payment completed on due date to Ratna)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>19 Apr<\/td>\n<td colspan=\"3\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Third bill payment completed on due date to bank)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"10\"><strong>Kartar\u2019s Account<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td colspan=\"8\">\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\"><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount<\/strong>\n<p><strong>(\u20b9)<\/strong><\/p>\n<\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td colspan=\"2\"><strong>Amount<\/strong>\n<p><strong>(\u20b9)<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">2015<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2015<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">15 Jan<\/td>\n<td>Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>30,000<\/td>\n<td>15 Jan<\/td>\n<td>Purchases<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">30,000<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>30,000<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>30,000<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"10\"><strong>Bills Payable Account<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td colspan=\"8\">\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\"><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount<\/strong>\n<p><strong>(\u20b9)<\/strong><\/p>\n<\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td colspan=\"2\"><strong>Amount<\/strong>\n<p><strong>(\u20b9)<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">2015<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2015<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">19 Feb<\/td>\n<td>Cash A\/c<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>15 Jan<\/td>\n<td>Kartar<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">30,000<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">19 Mar<\/td>\n<td>Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">19 Apr<\/td>\n<td>Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>30,000<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>30,000<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"10\"><strong>Cash Account<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td colspan=\"8\">\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\"><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount<\/strong>\n<p><strong>(\u20b9)<\/strong><\/p>\n<\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td colspan=\"2\"><strong>Amount<\/strong>\n<p><strong>(\u20b9)<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">2015<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2015<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">19 Feb<\/td>\n<td>Balance b\/d<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>19 Feb<\/td>\n<td>Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">10,000<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>10,000<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>10,000<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"10\"><strong>Bank\u2019s Account<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td colspan=\"8\">\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\"><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount<\/strong>\n<p><strong>(\u20b9)<\/strong><\/p>\n<\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td colspan=\"2\"><strong>Amount<\/strong>\n<p><strong>(\u20b9)<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">2015<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2015<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">15 Mar<\/td>\n<td>Balance b\/d<\/td>\n<td>\u00a0<\/td>\n<td>20,000<\/td>\n<td>19 Mar<\/td>\n<td>Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">10,000<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>19 Apr<\/td>\n<td>Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">10,000<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>20,000<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>20,000<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>6. On Jan. 01, 2016 Arun sold goods for \u20b9 30,000 to Sunil. 50% of the payment was made immediately by Sunil on which Arun allowed a cash discount of 2%. For the balance Sunil drew a promissory note in favour of Arun payable after 20 days. Since, the date of maturity of bill was a public holiday, Arun presented the bill on a day, as per the provisions of Negotiable Instrument Act which was met by Sunil. State the date on which the bill was presented by Arun for payment and journalise the above transactions in the books of Arun and Sunil.<\/strong><\/p>\n<p>The transactions are journalized as follows:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"9\"><strong>Journal Entries in the Books of Arun<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit\u00a0<\/strong>\n<p><strong>Amount\u00a0<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Credit\u00a0<\/strong>\n<p><strong>Amount\u00a0<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"3\">Sunil<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>30,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Sales A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>30,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods traded to Sunil)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"3\">Cash A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>14,700<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">Discount Allowed A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>300<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Sunil<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(50% due from Sunil received and\n<p>2% Cash Discount allowed to Sunil)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"3\">Bills Receivable A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Sunil<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Promissory note established for 20 days from Sunil)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>23 Jan<\/td>\n<td colspan=\"4\">Cash A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Bills Receivable\u00a0A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Cash received from Sunil before\n<p>Maturity)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Journal Entries in the Book of Sunil<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"3\">Purchases A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>30,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Arun<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>30,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods purchased from Arun)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"3\">Arun<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Cash A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>14,700<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Discount Received A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>300<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(50% amount due to Arun paid by cheque and 2% \u00a0discount allowed by Arun)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"3\">Arun<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Promissory note issued in favour of Arun for twenty days)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>23 Jan<\/td>\n<td colspan=\"3\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Cash A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Promissory note fullfilled one day before the maturity day)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>7. Darshan sold goods for \u20b9 40,000 to Varun on 8.1.2016 and drew upon him a bill of exchange payable after two months. Varun accepted the bill and returned the same to Darshan. On the due date the bill was met by Varun. Record the necessary Journal entries in the books of Darshan and Varun in the following circumstances.<\/strong><\/p>\n<p><strong>\u00b7 When the bill was retained by Darshan till the date of its maturity.<\/strong><\/p>\n<p><strong>\u00b7 When Darshan immediately discounted the bill @ 6% p.a. with his bank.<\/strong><\/p>\n<p><strong>\u00b7 When the bill was endorsed immediately by Darshan in favour of his creditor Suresh.<\/strong><\/p>\n<p><strong>\u00b7 When three days before its maturity, the bill was sent by Darshan to his bank for collection.<\/strong><\/p>\n<p>The entries are shown below:<\/p>\n<p><strong>(i)<\/strong><\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Darshan<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit\u00a0<\/strong>\n<p><strong>Amount\u00a0<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Credit\u00a0<\/strong>\n<p><strong>Amount\u00a0<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 Jan<\/td>\n<td colspan=\"3\">Varun<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods traded to Varun)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 Jan<\/td>\n<td colspan=\"3\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Varun<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bill of Exchange duly accepted and returned by Varun)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>11 Mar<\/td>\n<td colspan=\"3\">Cash A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Payment for B\/R received for B\/R)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"9\"><strong>Books of Varun<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>L.F<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 Jan<\/td>\n<td colspan=\"3\">Purchases A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Darshan<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods purchased from Darshan)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 Jan<\/td>\n<td colspan=\"3\">Darshan<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Payable A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Bill of two months accepted for Darshan)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>11 Mar<\/td>\n<td colspan=\"4\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Cash A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Varun cleared his payment on the due date)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>(ii)<\/strong><\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"11\"><strong>Books of Darshan<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\"><strong>L.F.<\/strong><\/td>\n<td colspan=\"2\"><strong>Debit\u00a0<\/strong>\n<p><strong>Amount\u00a0<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td colspan=\"3\"><strong>Credit\u00a0<\/strong>\n<p><strong>Amount\u00a0<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 Jan<\/td>\n<td colspan=\"3\">Varun<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">40,000<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Sales A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods traded to Varun)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 Jan<\/td>\n<td colspan=\"3\">Bills Receivable A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">40,000<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Varun<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(B\/R received from Varun for two months)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 Jan<\/td>\n<td colspan=\"3\">Bank A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">39,600<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">Discount A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">400<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Bills Receivable A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(B\/R discounted from bank @ 6 p.a.)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"9\"><strong>Books of Varun<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 Jan<\/td>\n<td colspan=\"3\">Purchases A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Darshan<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods purchased from Darshan)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 Jan<\/td>\n<td colspan=\"3\">Darshan<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Payable A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Bill of two months accepted for Darshan)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>11 Mar<\/td>\n<td colspan=\"4\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Varun cleared his payment on the\n<p>due date)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>(iii)<\/strong><\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"9\"><strong>Books of Darshan<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit\u00a0<\/strong>\n<p><strong>Amount\u00a0<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Credit\u00a0<\/strong>\n<p><strong>Amount\u00a0<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 Jan<\/td>\n<td colspan=\"4\">Varun<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Goods traded to Varun)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 Jan<\/td>\n<td colspan=\"4\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Varun A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Varun\u2019s approval received for two months)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 Jan<\/td>\n<td colspan=\"4\">Suresh A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Varun\u2019s approval endorsed in favour of Suresh)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"9\"><strong>Books of Varun<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>L.F<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 Jan<\/td>\n<td colspan=\"3\">Purchases A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Darshan<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods purchased from Darshan)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 Jan<\/td>\n<td colspan=\"3\">Darshan<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Payable A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Bill drawn by Darshan accepted for two months)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>11 Mar<\/td>\n<td colspan=\"4\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Cash A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Bill paid to the holder of bill)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>(iv)<\/strong><\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Darshan<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit\u00a0<\/strong>\n<p><strong>Amount\u00a0<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Credit\u00a0<\/strong>\n<p><strong>Amount\u00a0<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 Jan<\/td>\n<td colspan=\"3\">Varun\u00a0A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods traded to Varun)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 Jan<\/td>\n<td colspan=\"3\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Varun A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bill of Exchange duly accepted and returned by Varun)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 Mar<\/td>\n<td colspan=\"3\">Bill Sent for Collection A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bill of Exchange sent for collection to bank)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>11 Mar<\/td>\n<td colspan=\"3\">Bank A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bill Sent for Collection A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bill of Exchange matured and duly collected on date of maturity)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"9\"><strong>Books of Varun<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit\u00a0<\/strong>\n<p><strong>Amount\u00a0<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Credit\u00a0<\/strong>\n<p><strong>Amount\u00a0<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 Jan<\/td>\n<td colspan=\"3\">Purchases A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Darshan<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods purchased from Darshan)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 Jan<\/td>\n<td colspan=\"3\">Darshan<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Payable A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Bill of Exchange duly accepted and returned to Darshan)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>11 Mar<\/td>\n<td colspan=\"4\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Bill of Exchange matured and duly cleared on date of maturity)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>8. Bansal Traders allow a trade discount of 10% on the list price of the goods purchased from them. Mohan traders, who runs a retail shop made the following purchases from Bansal Traders.<\/strong><\/p>\n<p><strong>Date Amount<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<p><strong>21 Dec, 2016 1,000<\/strong><\/p>\n<p><strong>26 Dec, 2016 1,200<\/strong><\/p>\n<p><strong>Dec.18, 2016 2,000<\/strong><\/p>\n<p><strong>31 Dec, 2016 5,000<\/strong><\/p>\n<p><strong>For all the purchases Mohan Traders drew promissory note in favour of Bansal Traders payable after 30 days. The promissory note for the sale of Dec. 21, 2016 was retained by Bansal Traders with them till the date of its maturity. The promissory note drawn on 26.12.2016 was discounted by Bansal Traders from their bank at 12% p.a. The promissory note drawn on Dec. 28, 2016 was endorsed by Bansal Traders in favour of their creditor Dream Soaps in full settlement of a purchase amounting to \u20b9 1,900. On 25.1.2017 Bansal Traders sent the promissory note drawn on Dec. 31, 2016 to their bank for collection. All the promissory notes were met by Mohan Traders. Record the necessary journal entries for the above transactions in the books of Bansal Traders and Mohan Traders and prepare Mohan Traders account in the books of Bansal Traders and Bansal Traders account in the books of Mohan Traders.<\/strong><\/p>\n<p>The necessary journal entries are as follows:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Journal Entries in the Books of Bansal Traders<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>21 Dec<\/td>\n<td colspan=\"3\">Mohan Traders<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>900<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>900<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Goods traded to Mohan Traders list price \u20b9\n<p>1,000 at 10% trade discount)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>21 Dec<\/td>\n<td colspan=\"3\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>900<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Mohan Traders<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>900<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Promissory note established from Mohan Traders\n<p>payable after 30 days)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>26 Dec<\/td>\n<td colspan=\"3\">Mohan Traders<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>1,080<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>1,080<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Goods traded to Mohan Traders list price \u20b9\n<p>1,200 at 10% trade discount)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>26 Dec<\/td>\n<td colspan=\"3\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>1,080<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Mohan Traders<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>1,080<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Promissory note \u00a0received from Mohan Traders)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>26 Dec<\/td>\n<td colspan=\"3\">Bank A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>1,071<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">Discount A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>9<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>1,080<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Promissory note discounted from the Bank)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>28 Dec<\/td>\n<td colspan=\"3\">Mohan Traders A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>1,800<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>1,800<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Goods traded to Mohan Traders list price \u20b9\n<p>2,000 at 10% trade discount)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>28 Dec<\/td>\n<td colspan=\"3\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>1,800<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Mohan Traders A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>1,800<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Promissory note established from Mohan Traders)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>28 Dec<\/td>\n<td colspan=\"3\">Dream Soaps A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>1,900<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>1,800<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Discount Received A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>100<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Promissory note of \u20b9 1,800 sent to Dream\n<p>Soap in full settlement of amount due to him)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>31 Dec<\/td>\n<td colspan=\"3\">Mohan Traders<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>4,500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>4,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Goods traded to Mohan trades list price \u20b9\n<p>5,000 at 10% trade discount)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>31 Dec<\/td>\n<td colspan=\"3\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>4,500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Mohan Traders<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>4,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Promissory note established from Mohan Traders for 30 days)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>23 Jan<\/td>\n<td colspan=\"3\">Cash A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>900<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>900<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Promissory note issued on Dec. 21,\n<p>2005 was met on maturity)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>25 Jan<\/td>\n<td colspan=\"3\">Bill Sent for collection A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>4,500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>4,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Promissory note issued on Dec. 31, 2005\n<p>sent for collection to bank)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>02 Feb<\/td>\n<td colspan=\"3\">Bank A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>4,500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Bill Sent for Collection A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>4,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bank got payment of bill sent for collection\n<p>on due date)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"9\">In the books of Bansal Traders\n<p><strong>Mohan Trader\u2019s Account<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount<\/strong>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td colspan=\"2\"><strong>J.F.<\/strong><\/td>\n<td><strong>Amount<\/strong>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>21 Dec<\/td>\n<td>Sales<\/td>\n<td>\u00a0<\/td>\n<td>900<\/td>\n<td>21 Dec<\/td>\n<td>Bills Receivable<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>900<\/td>\n<\/tr>\n<tr>\n<td>26 Dec<\/td>\n<td>Sales<\/td>\n<td>\u00a0<\/td>\n<td>1,080<\/td>\n<td>26 Dec<\/td>\n<td>Bills Receivable<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>1,080<\/td>\n<\/tr>\n<tr>\n<td>28 Dec<\/td>\n<td>Sales<\/td>\n<td>\u00a0<\/td>\n<td>1,800<\/td>\n<td>28 Dec<\/td>\n<td>Bills Receivable<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>1,800<\/td>\n<\/tr>\n<tr>\n<td>31 Dec<\/td>\n<td>Sales<\/td>\n<td>\u00a0<\/td>\n<td>4,500<\/td>\n<td>31 Dec<\/td>\n<td>Bills Receivable<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>4,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>8,280<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>8,280<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"11\"><strong>Journal Entries in the Books of Mohan Trader\u2019s<\/strong><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"4\"><strong>Particulars<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>21 Dec<\/td>\n<td colspan=\"5\">Purchases A\/c<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>900<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Bansal Traders<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>900<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"8\">(Goods purchased from Bansal Trader\u2019s list price \u20b9\n<p>1,000 at 10% trade discount)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>21 Dec<\/td>\n<td colspan=\"5\">Bansal\u00a0Trader<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>900<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Bills Payable A\/c<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>900<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Promissory note issued Bansal Traders for \u20b9 900)<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>26 Dec<\/td>\n<td colspan=\"5\">Purchases A\/c<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>1,080<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Bansal Traders<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>1,080<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"8\">(Goods purchased from Bansal Traders list price \u20b9\n<p>1,200 at 10% Trade discount)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>26 Dec<\/td>\n<td colspan=\"5\">Bansal\u00a0Traders<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>1,080<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Bills Payable A\/c<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>1,080<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"8\">(Promissory note established from Bansal Traders)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>28 Dec<\/td>\n<td colspan=\"5\">Purchases A\/c<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>1,800<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Bansal Traders<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>1,800<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"8\">(Goods purchased from Bansal Traders list price \u20b9\n<p>2,000 at 10% trade discount)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>28 Dec<\/td>\n<td colspan=\"5\">Bansal\u00a0Traders<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>1,800<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Bills Payable A\/c<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>1,800<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"8\">(Promissory note issued to Bansal Traders)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>31 Dec<\/td>\n<td colspan=\"5\">Purchases A\/c<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>4,500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Bansal Traders<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>4,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"8\">(Goods purchased from Bansal Traders of list price \u20b9\n<p>5,000 at 10% trade discount)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>31 Dec<\/td>\n<td colspan=\"5\">Bansal\u00a0Traders<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>4,500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Bills Payable A\/c<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>4,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"8\">(Promissory note issued to Bansal Traders)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>23 Jan<\/td>\n<td colspan=\"5\">Bills Payable A\/c<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>900<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Cash A\/c<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>900<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(The first promissory note discharged on its due date)<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>28 Jan<\/td>\n<td colspan=\"5\">Bills Payable A\/c<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>1,080<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Bank A\/c<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>1,080<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"8\">(The second promissory note discharged on its due\n<p>date)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>30 Jan<\/td>\n<td colspan=\"5\">Bills Payable A\/c<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>1,800<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Cash A\/c<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>1,800<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"8\">(The third promissory discharged by paying \u20b9\n<p>1,800 to Dream Soaps)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>02 Feb<\/td>\n<td colspan=\"7\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>4,500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"6\">To Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>4,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"7\">(The fourth promissory note discharged by paid \u20b9 4,500 to Bank)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"7\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\">In the books of Mohan Traders\n<p><strong>Bansal Trader\u2019s Account<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>21 Dec<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>900<\/td>\n<td>21 Dec<\/td>\n<td>Purchases<\/td>\n<td>\u00a0<\/td>\n<td>900<\/td>\n<\/tr>\n<tr>\n<td>26 Dec<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>1,080<\/td>\n<td>26 Dec<\/td>\n<td>Purchases<\/td>\n<td>\u00a0<\/td>\n<td>1,080<\/td>\n<\/tr>\n<tr>\n<td>28 Dec<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>1,800<\/td>\n<td>28 Dec<\/td>\n<td>Purchases<\/td>\n<td>\u00a0<\/td>\n<td>1,800<\/td>\n<\/tr>\n<tr>\n<td>31 Dec<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>4,500<\/td>\n<td>31 Dec<\/td>\n<td>Purchases<\/td>\n<td>\u00a0<\/td>\n<td>4,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>8,280<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>8,280<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>9. Narayanan purchased goods for \u20b9 25,000 from Ravindran on Feb. 01, 2016. Ravindran drew upon Narayanan a bill of exchange for the same amount payable after 30 days. On the due date Narayanan dishonoured his acceptance. Pass the necessary journal entries in the books of Ravindran and Narayanan in following cases:<\/strong><\/p>\n<ul>\n<li><strong>When the bill was retained by Ravindran with him till the date of its maturity.<\/strong><\/li>\n<li><strong>When the bill was discounted by Ravindran immediately with his bank @ 6% p.a.<\/strong><\/li>\n<li><strong>When the bill was endorsed to his creditor Ganeshan.<\/strong><\/li>\n<li><strong>When the bill was sent by Ravindran to his bank for collection a few days before it maturity.<\/strong><\/li>\n<\/ul>\n<p>Necessary journal entries are as follows:<\/p>\n<p><strong>(i) :\u00a0When the bill was retained by Ravindran with him till the date of its maturity<\/strong><\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Ravindran<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\"><strong>Journal<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"3\">Narayanan<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods tradedto Narayanan)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"3\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Narayanan<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Narayanan\u2019s acceptance received for 30 days)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>05 Mar<\/td>\n<td colspan=\"3\">Narayanan<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Narayanan failed to meet his\n<p>acceptance and bill dishonoured)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"9\"><strong>Books of Narayanan<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\"><strong>Journal<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"3\">Purchases A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">To Ravindran<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods purchased from Ravindran)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"3\">Ravindran<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Ravindran\u2019s bill accepted)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>05 Mar<\/td>\n<td colspan=\"3\">Bills Payable A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">To Ravindran A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Bill dishonoured on maturity)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>(ii) :\u00a0When the bill was discounted by Ravindran immediately with his bank @ 6% p.a.<\/strong><\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"9\"><strong>Books of Ravindran<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\"><strong>Journal<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"4\">Narayanan<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Goods tradedto Narayanan)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"4\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>To Narayanan<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Narayanan\u2019s acceptance received)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"4\">Bank A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>24,875<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">Discount A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>125<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Narayanan\u2019s acceptance got discounted with\n<p>bank\u00a0@ 6% p.a.)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>05 Mar<\/td>\n<td colspan=\"4\">Narayanan<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>To Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Narayanan\u2019s acceptance dishonoured)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"9\"><strong>Books of Narayanan<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\"><strong>Journal<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"4\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"4\">Purchases A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Ravindran<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Goods purchased from Raivnderan)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"4\">Ravindran<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Ravindran\u2019s bill accepted)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>05 Mar<\/td>\n<td colspan=\"4\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Ravindran<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Bill dishonoured on maturity)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>(iii) :\u00a0When the bill was endorsed to his creditor Ganeshan<\/strong><\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"9\"><strong>Books of Ravindran<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\"><strong>Journal<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"4\">Narayanan<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Goods tradedto Narayanan)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"4\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>To Narayanan<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Narayanan\u2019s acceptance received)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"4\">Ganeshan<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Narayanan\u2019s acceptance endorsed in favour\n<p>of Ganeshan)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>05 Mar<\/td>\n<td colspan=\"4\">Narayanan<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">To Ganeshan A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Narayanan\u2019s acceptance dishonoured)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"9\"><strong>Books of Narayanan<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\"><strong>Journal<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"5\"><strong>Particulars<\/strong><\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"4\">Purchases A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Ravindran<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Goods purchased from Ravindran)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"4\">Ravindran<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Ravindran\u2019s bill accepted)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>05 Mar<\/td>\n<td colspan=\"4\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Ravindran<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Ravindran\u2019s bill dishonoured on due date)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>(iv):\u00a0When the bill was sent by Ravindran to his bank for collection a few days before it maturity<\/strong><\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"15\"><strong>Books of Ravindran<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"15\"><strong>Journal<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"4\"><strong>Particulars<\/strong><\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td colspan=\"2\"><strong>Debit \u20b9<\/strong><\/td>\n<td colspan=\"2\"><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"6\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"6\">Narayanan<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">25,000<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"2\">To Sales A\/c<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"6\">(Goods tradedto Narayanan)<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"6\">Bills Receivable A\/c<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">25,000<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"2\">To Narayanan<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"6\">(Narayanan\u2019s acceptance received)<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"6\">Bill Sent for Collection A\/c<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">25,000<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"2\">To Bills Receivable A\/c<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"6\">(Bill sent to bank for collection)<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>05 Mar<\/td>\n<td colspan=\"6\">Narayanan<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">25,000<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"3\">To Bill Sent for Collection A\/c<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"6\">(Bill got dishonoured)<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"14\"><strong>Books of Narayanan<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"14\"><strong>Journal<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\"><strong>Particulars<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td colspan=\"3\"><strong>Debit \u20b9<\/strong><\/td>\n<td colspan=\"2\"><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"5\">Purchases A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">25,000<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Ravindran<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Bought goods from Ravindran)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"5\">Ravindran<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">25,000<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Bills Payable A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Ravindran\u2019s bill accepted)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>05 Mar<\/td>\n<td colspan=\"5\">Bills Payable A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">25,000<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Ravindran<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Ravindran\u2019s bill dishonoured)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>10. Ravi sold goods for \u20b9 40,000 to Sudershan on Feb 13, 2016. He drew four bills of exchange upon Sudershan. The first bill was for \u20b9 5,000 payable after one month. The second bill was for \u20b9 10,000 payable after 40 days; the third bill was for \u20b9 12,000 payable after three months and fourth bill was for the balance amount payable after 19 days. Sudershan accepted all the bills and returned the same to Ravi. Ravi discounted the first bill with his bank at 6% p.a. He endorsed the second bill to his creditor Mustaq for the full settlement of a debt of \u20b9 10,200. The third bill was kept by Ravi with him till the date of maturity. Five days before the maturity of the fourth bill, Ravi sent the bill to his bank for collection. All the four bills were dishounoured by Sudarshan on maturity. Sudershan settled Ravi\u2019s\u00a0claim in cash three days after the dishonour of each bill along with interest @ 12% p.a. for the terms of the bills. You are requested to record the necessary journal entries in the books to Ravi, Sudershan, Mustaq and bank for the above transaction. Also prepare Sudershan\u2019s\u00a0account and Mustaq\u2019s\u00a0account in the books of Ravi.<\/strong><\/p>\n<p>The necessary journal entries are shown below:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"15\"><strong>Books of Ravi<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"15\"><strong>Journal<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td colspan=\"9\">\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit<\/strong>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"9\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>13 Feb<\/td>\n<td colspan=\"2\">Sudershan<\/td>\n<td colspan=\"9\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Sales A\/c<\/td>\n<td colspan=\"9\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Goods tradedto Sudershan)<\/td>\n<td colspan=\"9\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"9\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>13 Feb<\/td>\n<td colspan=\"2\">Bills Receivable A\/c<\/td>\n<td colspan=\"9\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Sudershan<\/td>\n<td colspan=\"9\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"10\">(Four bills from Sudershan received: the first for \u20b9\n<p>5,000, the second bill for \u20b9 10,000, the third bill for<\/p>\n<p>\u20b9 12,000\u00a0and the fourth bill for \u20b9 13)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"6\">\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>13 Feb<\/td>\n<td colspan=\"7\">Bank A\/c<\/td>\n<td colspan=\"4\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>4,975<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"7\">Discount A\/c<\/td>\n<td colspan=\"4\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"6\">To Bills Receivable A\/c<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"7\">(The first bill discounted with bank at 6% p.a.)<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"6\">\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>13 Feb<\/td>\n<td colspan=\"7\">Mustaq<\/td>\n<td colspan=\"4\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,200<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"6\">To Bills Receivable A\/c<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"6\">To Discount Received A\/c<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>200<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"11\">(The second bill endorsed to Mustaq in\u00a0full settlement\n<p>of amount due to him)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"8\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>03 Mar<\/td>\n<td colspan=\"9\">Bill Sent for Collection A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>13,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"8\">To Bills Receivable A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>13,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"9\">(The fourth bill sent to bank for collection)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"8\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>07 Mar<\/td>\n<td colspan=\"9\">Sudershan<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>13,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"8\">To Bill Sent for Collection A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>13,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"9\">(The fourth bill dishonoured on due date)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"8\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>07 Mar<\/td>\n<td colspan=\"9\">Sudershan<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>81<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"8\">To Interest A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>81<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"9\">(Interest due on the fourth bill \u20b9 13,000 for 19\n<p>days at 12% p.a,)<\/p>\n<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"8\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>10 Mar<\/td>\n<td colspan=\"9\">Cash A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>13,081<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"8\">To Sudershan<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>13,081<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"11\">(Cash received from Sudershan)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"5\">\u00a0<\/td>\n<td colspan=\"5\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>16 Mar<\/td>\n<td colspan=\"6\">Sudershan<\/td>\n<td colspan=\"5\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"5\">To Bank A\/c<\/td>\n<td colspan=\"5\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"11\">(The first bill dishonoured)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"8\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>16 Mar<\/td>\n<td colspan=\"3\">Sudershan<\/td>\n<td colspan=\"8\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>50<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Interest A\/c<\/td>\n<td colspan=\"8\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>50<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Interest due on amount \u20b9 5,000 at 12%\n<p>for one month)<\/p>\n<\/td>\n<td colspan=\"8\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"8\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>19 Mar<\/td>\n<td colspan=\"3\">Cash A\/c<\/td>\n<td colspan=\"8\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>5,050<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Sudershan A\/c<\/td>\n<td colspan=\"8\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>5,050<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"11\">(Sudershan paid the amount due on account\n<p>dishonoured of the first bill plus interest)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"6\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>28 Mar<\/td>\n<td colspan=\"5\">Sudershan<\/td>\n<td colspan=\"6\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">Discount Received A\/c<\/td>\n<td colspan=\"6\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>200<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Mustaq<\/td>\n<td colspan=\"6\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,200<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"11\">(The second bill dishonoured, which had endorsed\n<p>in favour of Mustaq)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"6\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>28 Mar<\/td>\n<td colspan=\"5\">Sudershan<\/td>\n<td colspan=\"6\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>132<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Interest A\/c<\/td>\n<td colspan=\"6\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>132<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"11\">(Interest charged at 12% on the amount\u00a0due on account\n<p>of dishonour of the second bill \u20b9 10,000)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"5\">\u00a0<\/td>\n<td colspan=\"5\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Apr<\/td>\n<td colspan=\"6\">Cash A\/c<\/td>\n<td colspan=\"5\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,132<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"5\">To Sudershan A\/c<\/td>\n<td colspan=\"5\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,132<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"11\">(Received cash from Sudershan for the second bill\n<p>along with interest)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"6\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>May16<\/td>\n<td colspan=\"5\">Sudershan<\/td>\n<td colspan=\"6\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>12,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Bills Receivable A\/c<\/td>\n<td colspan=\"6\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>12,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(The third bill dishonoured on due date)<\/td>\n<td colspan=\"6\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"6\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>May16<\/td>\n<td colspan=\"5\">Sudershan<\/td>\n<td colspan=\"6\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>360<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Interest A\/c<\/td>\n<td colspan=\"6\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>360<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"11\">(Interest at 12% for 3 months charged on the amount due\n<p>on account of dishonour the third bill \u20b9 12,000)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"7\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>May19<\/td>\n<td colspan=\"4\">Cash A\/c<\/td>\n<td colspan=\"7\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>12,360<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Sudershan<\/td>\n<td colspan=\"7\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>12,360<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"11\">(Cash received from Sudershan for the third bill along with interest 12% p.a.)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"7\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Ledger<\/strong>\n<p><strong>Sudershan\u2019s Account<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>13 Feb<\/td>\n<td>Sales<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>13 Feb<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>07 Mar<\/td>\n<td>Bill sent for Collection<\/td>\n<td>\u00a0<\/td>\n<td>13,000<\/td>\n<td>10 Mar<\/td>\n<td>Cash<\/td>\n<td>\u00a0<\/td>\n<td>13,081<\/td>\n<\/tr>\n<tr>\n<td>07 Mar<\/td>\n<td>Interest<\/td>\n<td>\u00a0<\/td>\n<td>81<\/td>\n<td>19 Mar<\/td>\n<td>Cash<\/td>\n<td>\u00a0<\/td>\n<td>5,050<\/td>\n<\/tr>\n<tr>\n<td>16 Mar<\/td>\n<td>Bank<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<td>01 Apr<\/td>\n<td>Cash<\/td>\n<td>\u00a0<\/td>\n<td>10,132<\/td>\n<\/tr>\n<tr>\n<td>16 Mar<\/td>\n<td>Interest<\/td>\n<td>\u00a0<\/td>\n<td>50<\/td>\n<td>May19<\/td>\n<td>Cash<\/td>\n<td>\u00a0<\/td>\n<td>12,360<\/td>\n<\/tr>\n<tr>\n<td>28 Mar<\/td>\n<td>Mustaq<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>28 Mar<\/td>\n<td>Interest<\/td>\n<td>\u00a0<\/td>\n<td>132<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>16 May<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>12,000<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>16 May<\/td>\n<td>Interest<\/td>\n<td>\u00a0<\/td>\n<td>360<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>80,623<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>80,623<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Mustaq\u2019s Account<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount\u00a0<\/strong>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount\u00a0<\/strong>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>13 Feb<\/td>\n<td>B\/R<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>28 Mar<\/td>\n<td>Sudershan<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>13 Feb<\/td>\n<td>Discount Received<\/td>\n<td>\u00a0<\/td>\n<td>200<\/td>\n<td>28 Mar<\/td>\n<td>Discount Received<\/td>\n<td>\u00a0<\/td>\n<td>200<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,200<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,200<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"11\"><strong>Books of Sudershan<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"11\"><strong>Journal<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>13 Feb<\/td>\n<td colspan=\"4\">Purchases A\/c<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">To Ravi<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Goods purchased from Ravi)<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>13 Feb<\/td>\n<td colspan=\"4\">Ravi<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Bills Payable A\/c<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"7\">(Four bills drawn by Ravi accepted: the first\u00a0bill for\n<p>\u20b9 5,000 payable after one month, the second for<\/p>\n<p>\u20b9 10,000 payable after 40 days, the third for \u20b9 12,000<\/p>\n<p>payable after 3 months\u00a0and the fourth for \u20b9 13,000<\/p>\n<p>payable after 19 days)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>07 Mar<\/td>\n<td colspan=\"6\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>13,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"3\">To Ravi<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>13,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"6\">(The fourth bill dishonoured)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>07 Mar<\/td>\n<td colspan=\"6\">Interest A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>81<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"5\">To Ravi<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>81<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"6\">(Interest charged for the amount of fourth bill\n<p>at\u00a012% p.a.)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>10 Mar<\/td>\n<td colspan=\"6\">Ravi<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>13,081<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"3\">To Cash A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>13,081<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"7\">(Cash paid to Ravi for amount due on account of\n<p>dishonour\u00a0of the fourth bill along with interest<\/p>\n<p>at 12% p.a. for 19 days)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>16 Mar<\/td>\n<td colspan=\"4\">Bills Payable A\/c<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>To Ravi<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(The first bill dishonoured)<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>16 Mar<\/td>\n<td colspan=\"4\">Interest A\/c<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>50<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>To Ravi<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>50<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"7\">(Interest charged at 12% p.a. on the first bill\u00a0for one month)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>19 Mar<\/td>\n<td colspan=\"6\">Ravi<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>5,050<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"3\">To Cash A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>5,050<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"6\">(Cash paid to Ravi for amount due on account of\n<p>dishonour\u00a0of the first bill along with interest<\/p>\n<p>at 12% p.a. for one month)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>28 Mar<\/td>\n<td colspan=\"6\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"3\">To Ravi<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"6\">(The second bill dishonoured)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>28 Mar<\/td>\n<td colspan=\"6\">Interest A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>132<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"3\">To Ravi<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>132<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"7\">(Interest charged at 12% p.a. for 40 days on the second bill)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Apr<\/td>\n<td colspan=\"4\">Ravi<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,132<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Cash A\/c<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,132<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"7\">(Cash paid to Ravi for amount due on account of\n<p>dishonour\u00a0of the second bill along with interest<\/p>\n<p>at 12% p.a. for 40 days)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>16 May<\/td>\n<td colspan=\"4\">Bills Payable A\/c<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>12,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>To Ravi<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>12,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(The third bill dishonoured)<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>16 Mar<\/td>\n<td colspan=\"4\">Interest A\/c<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>360<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>To Ravi<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>360<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"7\">(Interest charged at 12% p.a. for 3 months on third bill)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>19 May<\/td>\n<td colspan=\"5\">Ravi<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>12,360<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">To Cash A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>12,360<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Cash paid to Ravi for amount due on account of\n<p>dishonour\u00a0of the third bill along with interest<\/p>\n<p>at 12% p.a. for 3 months)<\/p>\n<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>11. On Jan 01, 2016 Neha sold goods for \u20b9 20,000 to Muskan and drew upon her a bill of exchange payable after two months. One month before the maturity of the bill Muskan approached Neha to accept the payment against the bill at a rebate @ 12% p.a. Neha agreed to the request of Muskan and Muskan retired the bill under the agreed rate of rebate. Journalise the above transaction in the books of Neha and Muskan.<\/strong><\/p>\n<p>The necessary journal entries are shown below:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"7\"><strong>Books of Neha<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"2\">Muskan<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>20,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>20,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Goods tradedto Muskan)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"2\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>20,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Muskan<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>20,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Muskan\u2019s acceptance received)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>04 Feb<\/td>\n<td colspan=\"2\">Cash A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>19,800<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">Rebate on bill A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>200<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>20,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Muskan\u2019s acceptance retired one month before\n<p>maturity and allowed rebate at 12% p.a.)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>\u00a0\u00a0<\/strong><\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"11\"><strong>Books of Muskan<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"5\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"5\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"5\">Purchases A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>20,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">To Neha<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>20,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Goods purchased from Neha)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"5\">Neha<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>20,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">To\u00a0Bills Payable A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>20,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Bill drawn by Neha payable after\u00a02 months\n<p>accepted)<\/p>\n<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>04 Feb<\/td>\n<td colspan=\"5\">Bills Payable A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>20,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">To Cash A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>19,800<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">To Rebate on Bills A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>200<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"7\">(Bill paid one month before maturity and received\n<p>Rebate at 12% p.a.)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"7\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"7\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>12. On Jan 15, 2016 Raghu sold goods worth \u20b9 35,000 to Devendra and drew up to the latter three bills of exchanges. The first bill was for \u20b9 5,000 payable after one month, the second bill was for \u20b9 20,000 payable after three months and third bill for balance amount for 4 months. Raghu endorsed the first bill in favour of his creditor Dewan in full settlement of a debt of \u20b9 5,200. The second bill was discounted by Raghu @ 6 % p.a. and the third bill was retained by Raghu till the date of maturity. Devendra dishonoured the bill on maturity and the bank paid \u20b9 30 as noting charges. Four days before the maturity of the third bill Raghu, sent the same for collection to his bank. The third bill was also dishonoured by Devendra and the bank paid \u20b9 200 as noting charges. Five days after the dishonour of the bill Devendra paid the entire amount due to Raghu along with interest \u20b9 1,000 for this purpose Devendra obtained a short term loan from his bank. You are requested to record the necessary journal entries in the books of Raghu Devendra and Dewan and also prepare Devendra\u2019s\u00a0account in Raghu\u2019s\u00a0books and Raghu\u2019s\u00a0account in Devendra\u2019s\u00a0account.<\/strong><\/p>\n<p>The journal entries are as follows:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Raghu<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>\u00a0<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td colspan=\"2\"><strong>\u00a0<\/strong><\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"2\">Devendra<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>35,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Sales A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>35,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Goods tradedto Devendra)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"2\">Bills Receivable A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>35,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Devendra<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>35,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Three bills received from Devendra\u2013the first bill \u20b9 5,000,\n<p>the second bill \u20b9 20,000, the third bill \u20b9 10,000)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"2\">Dewan<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>5,200<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Bills Receivable A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Discount Received A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>200<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(The first bill endorsed to\u00a0Dewan in full settlement\n<p>of amount due to him)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"3\">Bank A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>19,700<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">Discount A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>300<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>20,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(The second bill discounted with bank at 6% p.a.)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>18 Apr<\/td>\n<td colspan=\"3\">Devendra<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>20,030<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>20,030<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(The second bill dishonoured and bank paid\n<p>\u20b9 30 for noting charges)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>14 May<\/td>\n<td colspan=\"2\">Bill Sent for Collection A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Bills Receivable A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(The third bill sent to bank for collection)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>18 May<\/td>\n<td colspan=\"2\">Devendra<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,200<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Bill sent for collection A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Bank A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>200<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(The third bill dishonoured and bank paid \u20b9 200\n<p>as noting charges)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>23 May<\/td>\n<td colspan=\"2\">Devendra<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>1,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Interest A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>1,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Interest due to Devendra on account of bills\n<p>dishonoured)<\/p>\n<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>23 May<\/td>\n<td colspan=\"2\">Cash A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>31,230<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Devendra<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>31,230<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Cash received from Devendra)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Ledger\u00a0<\/strong>\n<p><strong>Devendra\u2019s Account<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td>Sales<\/td>\n<td>\u00a0<\/td>\n<td>35,000<\/td>\n<td>15 Jan<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>35,000<\/td>\n<\/tr>\n<tr>\n<td>18 Apr<\/td>\n<td>Bank<\/td>\n<td>\u00a0<\/td>\n<td>20,030<\/td>\n<td>23 May<\/td>\n<td>Cash<\/td>\n<td>\u00a0<\/td>\n<td>31,230<\/td>\n<\/tr>\n<tr>\n<td>18 May<\/td>\n<td>Bills Sent for Collection<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>18 May<\/td>\n<td>Bank<\/td>\n<td>\u00a0<\/td>\n<td>200<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>23 May<\/td>\n<td>Interest<\/td>\n<td>\u00a0<\/td>\n<td>1,000<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>66,230<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>66,230<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Devendra<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"2\">Purchases A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>35,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Raghu<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>35,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Goods purchased from Raghu)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"2\">Raghu<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>35,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Bills Payable A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>35,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Three bills drawn by Raghu accepted: the first bill for\n<p>\u20b9 5,000 payable after one month, the second for \u20b9 20,000<\/p>\n<p>payable after 3 months and the third for \u20b9 10,000<\/p>\n<p>payable after 4 months)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>18 Feb<\/td>\n<td colspan=\"3\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Cash<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(The first bill discharged on the due date)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>18 Apr<\/td>\n<td colspan=\"3\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>20,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">Noting Charges A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>30<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Raghu<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>20,030<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(The second bill dishonoured and Noting\u00a0Charges\n<p>\u20b9 30)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>18 May<\/td>\n<td colspan=\"3\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">Noting Charges A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>200<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Raghu<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,200<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(The third bill dishonoured and Noting Charges\u00a0\u20b9 200)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>23 May<\/td>\n<td colspan=\"3\">Interest A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>1,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Raghu<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>1,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Interest charged \u20b9 1,000 on account of\n<p>bills dishonoured)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>23 May<\/td>\n<td colspan=\"3\">Cash A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>31,230<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bank Loan A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>31,230<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bank loan taken for settling Raghu\u2019s account)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>23 May<\/td>\n<td colspan=\"3\">Raghu<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>31,230<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Cash A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>31,230<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Cash paid to Raghu)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Ledger<\/strong>\n<p><strong>Raghu\u2019s Account<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount\u00a0<\/strong>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount\u00a0<\/strong>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>35,000<\/td>\n<td>15 Jan<\/td>\n<td>Purchases<\/td>\n<td>\u00a0<\/td>\n<td>35,000<\/td>\n<\/tr>\n<tr>\n<td>23 May<\/td>\n<td>Cash<\/td>\n<td>\u00a0<\/td>\n<td>31,230<\/td>\n<td>18 Apr<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>20,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>18 Apr<\/td>\n<td>Noting Charges<\/td>\n<td>\u00a0<\/td>\n<td>30<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>18 May<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>18 May<\/td>\n<td>Noting Charges<\/td>\n<td>\u00a0<\/td>\n<td>200<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>18 May<\/td>\n<td>Interest<\/td>\n<td>\u00a0<\/td>\n<td>1,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>66,230<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>66,230<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"9\"><strong>Books of Dewan<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"3\">Bills Receivable A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">Discount Allowed A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>200<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Raghu<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a05,200<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Bill Receivable received from Raghu for one month and\n<p>allowed him discount of \u20b9 200)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>18 Feb<\/td>\n<td colspan=\"4\">Cash A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Bill met on maturity)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>13. Vimal purchased goods \u20b9 25,000 from Kamal on Jan 15, 2016 and accepted a bill of exchange drawn upon him by Kamal payable after two months. On the date of the maturity the bill was duly presented for payment. Vimal dishonoured the bill. Record the necessary journal entries in the books of Kamal and Vimal when.<\/strong><\/p>\n<p><strong>\u2022\u00a0\u00a0\u00a0 The bill was retained by Kamal till the date of its maturity.<\/strong><\/p>\n<p><strong>\u2022\u00a0\u00a0\u00a0 The bill was immediately discounted by Kamal with his bank @ 6% p.a.<\/strong><\/p>\n<p><strong>\u2022\u00a0\u00a0\u00a0 The bill was endorsed by Kamal in favour of his creditor Sharad.<\/strong><\/p>\n<p><strong>\u2022\u00a0\u00a0 \u00a0Five days before its maturity the bill was sent by Kamal to his bank for collection.<\/strong><\/p>\n<p>The necessary journal entries are shown below:<\/p>\n<p><strong>(i) : The bill was retained by Kamal till the date of its maturity<\/strong><\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"7\"><strong>Books of Kamal<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"2\">Vimal<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Goods tradedto Vimal)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"2\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Vimal<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Vimal\u2019s acceptance received)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>18 Mar<\/td>\n<td colspan=\"2\">Vimal<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Vimal acceptance dishonoured)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Vimal<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"4\"><strong>Particulars<\/strong><\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit<\/strong>\n<p><strong>Amount<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Credit<\/strong>\n<p><strong>Amount<\/strong><\/p>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"3\">Purchases A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Kamal<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods purchased from Kamal)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"3\">Kamal<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bill drawn by Kamal accepted)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>18 Mar<\/td>\n<td colspan=\"3\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Kamal<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bill drawn by Kamal dishonoured)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>(ii) : The bill was immediately discounted by Kamal with his bank @ 6% p.a.<\/strong><\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"7\"><strong>Books of Kamal<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"2\">Vimal<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Goods tradedto Vimal)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"2\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Vimal<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Vimal\u2019s acceptance received)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"2\">Bank A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>24,750<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">Discount A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>250<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Vimal\u2019s acceptance discounted at 6% p.a. with\n<p>bank)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>18 Mar<\/td>\n<td colspan=\"2\">Vimal<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Vimal\u2019s acceptance dishonoured)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Vimal<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"3\">Purchases A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Kamal<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods purchased from Kamal)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"3\">Kamal<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bill drawn by Kamal accepted)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>18 Mar<\/td>\n<td colspan=\"3\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Kamal<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bill drawn by Kamal dishonoured)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>Case (iii) : The bill was endorsed by Kamal in favour of his creditor Sharad<\/strong><\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Kamal<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"3\">Vimal<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods tradedto Vimal)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"3\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Vimal<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Vimal\u2019s acceptance received)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"3\">Sharad<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Vimal\u2019s acceptance endorsed to Sharad)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>18 Mar<\/td>\n<td colspan=\"3\">Vimal<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Sharad<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Vimal\u2019s acceptance endorsed to Kamal dishonoured)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Vimal<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"3\">Purchases A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Kamal<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods purchased from Kamal)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"3\">Kamal<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bill drawn by Kamal accepted)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>18 Mar<\/td>\n<td colspan=\"3\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Kamal<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bill drawn by Kamal dishonoured)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>Case (IV): Five days before its maturity the bill was sent by Kamal to his bank for collection<\/strong><\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"7\"><strong>Books of Kamal<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"2\">Vimal<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Goods tradedto Vimal)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"2\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Vimal<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Vimal\u2019s acceptance received, payable after two months)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>Mar.13<\/td>\n<td colspan=\"2\">Bill Sent for Collection A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Vimal\u2019s acceptance sent to bank for collection)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>18 Mar<\/td>\n<td colspan=\"2\">Vimal<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Bill Sent for Collection<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Vimal\u2019s acceptance dishonoured)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Vimal<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Case (iii)<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"3\">Purchases A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Kamal<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods purchased from Kamal)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>15 Jan<\/td>\n<td colspan=\"3\">Kamal<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bill drawn by Kamal accepted)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>18 Mar<\/td>\n<td colspan=\"3\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Kamal<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>25,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bill drawn by Kamal dishonoured)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>14. Abdula sold goods to Tahir on Jan 17, 2017 for \u20b9 18,000. He drew a bill of exchange for the same amount on Tahir for 45 days. On the same date Tahir accepted the bill and returned it to Abdulla. On the due date Abdulla presented the bill to Tahir which was dishonoured. Abdulla paid \u20b9 40 as noting charges. Five days after the dishonour of his acceptance Tahir settled his debt by making a payment of \u20b9 18,700 including interest and noting charges. Record the necessary journal entries in the books of Abdulla and Tahir. Also prepare Tahir\u2019s account in the books of Abdulla and Abdulla\u2019s account in the books of Tahir.<\/strong><\/p>\n<p>The necessary journal entries are shown below:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Abdula<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>17 Jan<\/td>\n<td colspan=\"3\">Tahir<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods tradedto Tahir)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>17 Jan<\/td>\n<td colspan=\"3\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Tahir<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Tahir\u2019s acceptance received)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>06 Mar<\/td>\n<td colspan=\"3\">Tahir<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>18,040<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Cash<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>40<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Tahir\u2019s acceptance dishonoured and \u20b9 40 paid as\n<p>noting charges)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>06 Mar<\/td>\n<td colspan=\"3\">Tahir<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>660<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Interest A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>660<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Interest charged from Tahir on account of bill\n<p>dishonoured)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>12 Mar<\/td>\n<td colspan=\"3\">Cash A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>18,700<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Tahir<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>18,700<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Tahir cleared his account by paying cash)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Ledger\u00a0<\/strong>\n<p><strong>Tahir\u2019s Account<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>17 Jan<\/td>\n<td>Sales<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<td>17 Jan<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<\/tr>\n<tr>\n<td>06 Mar<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<td>11 Mar<\/td>\n<td>Cash<\/td>\n<td>\u00a0<\/td>\n<td>18,700<\/td>\n<\/tr>\n<tr>\n<td>06 Mar<\/td>\n<td>Cash<\/td>\n<td>\u00a0<\/td>\n<td>40<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>06 Mar<\/td>\n<td>Interest<\/td>\n<td>\u00a0<\/td>\n<td>660<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>36,700<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>36,700<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"7\"><strong>Books of Tahir<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>17 Jan<\/td>\n<td colspan=\"2\">Purchases A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Abdula<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Goods purchased from Abdula)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>17 Jan<\/td>\n<td colspan=\"2\">Abdula<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Bill drawn by Abdula accepted, payable after 15 days)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>06 Mar<\/td>\n<td colspan=\"2\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">Noting Charges A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>40<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Abdula<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>18,040<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Abula\u2019s bill dishonoured)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>07 Mar<\/td>\n<td colspan=\"2\">Interest A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>660<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Abdula<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>660<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Interest charged on account of bill dishonoured)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>11 Mar<\/td>\n<td colspan=\"2\">Abdula<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>18,700<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Cash A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>18,700<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Cash paid to Abdula)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Ledger<\/strong>\n<p><strong>Abdula\u2019sAccount<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>17 Jan<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<td>17 Jan<\/td>\n<td>Purchases<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<\/tr>\n<tr>\n<td>11 Mar<\/td>\n<td>Cash<\/td>\n<td>\u00a0<\/td>\n<td>18,700<\/td>\n<td>06 Mar<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>06 Mar<\/td>\n<td>Noting Charges<\/td>\n<td>\u00a0<\/td>\n<td>40<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>06 Mar<\/td>\n<td>Interest<\/td>\n<td>\u00a0<\/td>\n<td>660<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>36,700<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>36,700<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>15. Asha sold goods worth \u20b9 19,000 to Nisha on March 02, 2017. \u20b9 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 \u20b9 30 as noting charges.<\/strong><\/p>\n<p><strong>Record the necessary journal entries in the books of Asha and Nisha.<\/strong><\/p>\n<p>The necessary journal entries are presented below<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Asha<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>02 Mar<\/td>\n<td colspan=\"3\">Nisha<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>19,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>19,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods tradedto Nisha)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>02 Mar<\/td>\n<td colspan=\"3\">Cash A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>4,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Nisha<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>19,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Cash and Nisha\u2019s acceptance received)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>02 Mar<\/td>\n<td colspan=\"3\">Bank A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>14,635<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">Discount A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>375<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Nisha\u2019s acceptance discounted with bank at 10% p.a.)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\"><strong>Note: In this question rate of discount is not\u00a0<\/strong>\n<p><strong>given, the rate of discount (10% p.a.) has been<\/strong><\/p>\n<p><strong>\u00a0assumed).<\/strong><\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>05 Jun<\/td>\n<td colspan=\"3\">Nisha<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>15,030<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,030<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Nisha\u2019s acceptance dishonoured and bank\n<p>paid \u20b9 30 as noting charges)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"9\"><strong>Books of\u00a0Nisha<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit\u00a0<\/strong>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>02 Mar<\/td>\n<td colspan=\"4\">Purchases A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>19,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">To Asha<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>19,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Goods purchased from Asha)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>02 Mar<\/td>\n<td colspan=\"4\">Asha<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>19,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Cash A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>4,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Asha\u2019s bill accepted payable after three month and\n<p>\u20b9 4,000 paid in cash)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>Jun.05<\/td>\n<td colspan=\"3\">Bills Payable A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">Noting Charges A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>30<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Asha<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,030<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Asha\u2019s bill dishonoured)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>16. On Feb. 02, 2017, Verma purchased from Sharma goods for \u20b9 17,500. Verma paid \u20b9 2,500 immediately and for the balance gave a promissory note to Sharma payable after 60 days. Sharma immediately endorsed the promissory note in favour of his creditor.<\/strong><\/p>\n<p><strong>Gupta for the full settlement of a debt of \u20b9 15,400. On the due date of the bill Gupta presented the bill to Verma which the latter dishonoured and Gupta paid \u20b9 5,000 noting charges. On the same date Gupta informed Sharma about the dishonour of the bill. Sharma settled his debt to Gupta by cheque for \u20b9 15,500 which includes noting charges and interest. Verma settled Sharma\u2019s claim by cheque for the same amount.<\/strong><\/p>\n<p><strong>Record the necessary journal entries is the books of Sharma, Gupta and Verma for the above transaction and prepare Verma\u2019s and Gupta\u2019s accounts in the books of Sharma. Sharma\u2019s account in the books of Verma. And also Sharma\u2019s account in the books of Gupta.<\/strong><\/p>\n<p>The necessary journal entries are given below:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Sharma<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>02 Feb<\/td>\n<td colspan=\"3\">Verma<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>17,500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>17,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods tradedto Verma)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>02 Feb<\/td>\n<td colspan=\"3\">Cash A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>2,500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Verma<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>17,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Cash \u20b9 2,500 and Promissory\u00a0Note \u20b9 15,000 received\n<p>from Verma for 60 days)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>02 Feb<\/td>\n<td colspan=\"3\">Gupta A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>15,400<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Discount Received A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>400<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Promissory Note endorsed to Gupta in full settlement\n<p>of amount due to him)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>05 Apr<\/td>\n<td colspan=\"3\">Discount Received A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>400<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">Verma<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>15,050<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Gupta<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,450<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Promissory Note issued by Verma dishonoured\n<p>and Gupta paid \u20b9 50 as noting charges)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\"><strong><em>Note<\/em><\/strong>: In this question \u20b9 5,000 is given\u00a0as noting charges,\n<p>there\u00a0is mistake. Here\u00a0\u20b9 50 has been taken as noting<\/p>\n<p>charges\u00a0instead of \u20b9 5,000).<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>06 Apr<\/td>\n<td colspan=\"3\">Interest A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>50<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Gupta<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>50<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Interest of \u20b9 50 debited to Gupta, on account of\n<p>dishonour\u00a0of Promissory Note)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>06 Apr<\/td>\n<td colspan=\"3\">Gupta<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>15,500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Gupta\u2019s A\/c settled)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>06 Apr<\/td>\n<td colspan=\"3\">Bank A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>15,050<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Verma<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,050<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Cheque received from Verma for the amount due from him)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Ledger<\/strong>\n<p><strong>Verma\u2019s Account<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>02 Feb<\/td>\n<td>Sales<\/td>\n<td>\u00a0<\/td>\n<td>17,500<\/td>\n<td>02 Feb<\/td>\n<td>Cash<\/td>\n<td>\u00a0<\/td>\n<td>2,500<\/td>\n<\/tr>\n<tr>\n<td>06 Apr<\/td>\n<td>Gupta<\/td>\n<td>\u00a0<\/td>\n<td>15,050<\/td>\n<td>02 Feb<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>06 Apr<\/td>\n<td>Bank<\/td>\n<td>\u00a0<\/td>\n<td>15,050<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>32,550<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>32,550<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Gupta\u2019s Account<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount<\/strong>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount<\/strong>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>02 Feb<\/td>\n<td>B\/R<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<td>01 Apr<\/td>\n<td>Balance b\/d<\/td>\n<td>\u00a0<\/td>\n<td>15,400<\/td>\n<\/tr>\n<tr>\n<td>02 Feb<\/td>\n<td>Discount Received<\/td>\n<td>\u00a0<\/td>\n<td>400<\/td>\n<td>06 Apr<\/td>\n<td>Verma<\/td>\n<td>\u00a0<\/td>\n<td>15,050<\/td>\n<\/tr>\n<tr>\n<td>02 Feb<\/td>\n<td>Bank<\/td>\n<td>\u00a0<\/td>\n<td>15,500<\/td>\n<td>06 Apr<\/td>\n<td>Discount Reserved<\/td>\n<td>\u00a0<\/td>\n<td>400<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>06 Apr<\/td>\n<td>Interest<\/td>\n<td>\u00a0<\/td>\n<td>50<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>30,900<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>30,900<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"9\"><strong>Books of Verma<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>02 Feb<\/td>\n<td colspan=\"3\">Purchases A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>17,500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Sharma<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>17,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Goods purchased from Sharma)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>02 Feb<\/td>\n<td colspan=\"4\">Sharma<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>17,500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Cash A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Cash \u20b9 2,500 paid and Promissory Note made for\n<p>the balance)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>06 Apr<\/td>\n<td colspan=\"4\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">Noting Charges A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>50<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Sharma<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,050<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Promissory Note dishonoured on maturity)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>06 Apr<\/td>\n<td colspan=\"3\">Sharma<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>15,050<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bank A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,050<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Payment made to Sharma through cheque)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Ledger<\/strong>\n<p><strong>\u00a0Sharma\u2019s Account<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount<\/strong>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount<\/strong>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>02 Feb<\/td>\n<td>Cash<\/td>\n<td>\u00a0<\/td>\n<td>2,500<\/td>\n<td>02 Feb<\/td>\n<td>Purchases<\/td>\n<td>\u00a0<\/td>\n<td>17,500<\/td>\n<\/tr>\n<tr>\n<td>02 Feb<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<td>06 Apr<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<\/tr>\n<tr>\n<td>06 Apr<\/td>\n<td>Bank<\/td>\n<td>\u00a0<\/td>\n<td>50<\/td>\n<td>06 Apr<\/td>\n<td>Noting Charges<\/td>\n<td>\u00a0<\/td>\n<td>50<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>30,900<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>30,900<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"9\"><strong>Books of Gupta<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>02 Feb<\/td>\n<td colspan=\"3\">Bills Receivable A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">Discount Allowed A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>400<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Sharma<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,400<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Promissory Note \u20b9 15,000 received\u00a0from Sharma in\n<p>full settlement for 60 days)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>06 Apr<\/td>\n<td colspan=\"4\">Sharma<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>15,450<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Discount Allowed A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>400<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>50<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Promissory note established from Sharma, dishonoured)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>06 Apr<\/td>\n<td colspan=\"4\">Sharma<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>50<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Interest A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>50<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Interest \u20b9 50 credited on account of\u00a0Promissory Note\n<p>dishonoured)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>06 Apr<\/td>\n<td colspan=\"3\">Bank A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>15,500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Sharma<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Cheque received from Sharma)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Ledger<\/strong>\n<p><strong>\u00a0Sharma\u2019s Account<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount<\/strong>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount<\/strong>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td>Balance b\/d<\/td>\n<td>\u00a0<\/td>\n<td>15,400<\/td>\n<td>02 Feb<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<\/tr>\n<tr>\n<td>06 Apr<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<td>02 Feb<\/td>\n<td>Discount Allowed<\/td>\n<td>\u00a0<\/td>\n<td>400<\/td>\n<\/tr>\n<tr>\n<td>06 Apr<\/td>\n<td>Discount Allowed<\/td>\n<td>\u00a0<\/td>\n<td>4,000<\/td>\n<td>06 Apr<\/td>\n<td>Bank<\/td>\n<td>\u00a0<\/td>\n<td>15,500<\/td>\n<\/tr>\n<tr>\n<td>06 Apr<\/td>\n<td>Bank<\/td>\n<td>\u00a0<\/td>\n<td>50<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>06 Apr<\/td>\n<td>Interest<\/td>\n<td>\u00a0<\/td>\n<td>50<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>30,900<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>30,900<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>17. Lilly sold goods to Mathew on 1.3.2017 for \u20b9 12,000 and drew upon Mathew a bill of exchange for the same amount payable after two months. Lilly immediately discounted the bill with her bank at 9% p.a. The maturity date of the bill was a non-business day (holiday), therefore, Lilly had to present the bill as per the provisions of the Indian Instruments Act.1881. The bill was dishonoured by Mathew and Lilly paid \u20b9 45 as noting charges. Mathew settled the claim of Lilly five days after the dishonour of the bill by a cheque, which includes interest @ 12% for the term of the bill. Journalise the above transactions in the books of Lilly and Mathew and prepare Mathew\u2019s\u00a0account in the books of Lilly and Lilly\u2019s\u00a0account in the books of Mathew.<\/strong><\/p>\n<p>The transactions are journalized as follows:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"11\"><strong>Books of Lilly<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\"><strong>Particulars<\/strong><\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Mar<\/td>\n<td colspan=\"4\">Mathew<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>12,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">To Sales A\/c<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>12,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Goods tradedto Mathew)<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Mar<\/td>\n<td colspan=\"4\">Bills Receivable A\/c<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>12,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">To Mathew<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>12,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Mathew\u2019s acceptance payable after two months received)<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Mar<\/td>\n<td colspan=\"4\">Bank A\/c<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>11,820<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">Discount A\/c<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>180<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">To Bills Receivable A\/c<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>12,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"7\">(Mathew\u2019s bill discounted at 9% p.a.)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>03 May<\/td>\n<td colspan=\"5\">Mathew A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>12,045<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">To Bank A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>12,045<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"7\">(Mathew\u2019s acceptance dishonoured bank paid \u20b9 45 as\n<p>noting charges)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"6\"><strong><em>Note<\/em><\/strong>:<strong>\u00a0<\/strong>In this question, May 04 has been considered as\n<p>Holiday, so the date of maturity will be 03 May, 2017 in<\/p>\n<p>place\u00a0of May 04, 2017.<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 May<\/td>\n<td colspan=\"5\">Mathew<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>241<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">To Interest A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>241<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Interest @ 12% credited to Mathew on account of bill dishonoured)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 May<\/td>\n<td colspan=\"5\">Bank A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>12,286<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">To Mathew<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>12,286<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"7\">(Cheque received from Mathew for the amount due from him)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Ledger<\/strong>\n<p><strong>Mathew\u2019s Account<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Mar<\/td>\n<td>Sales<\/td>\n<td>\u00a0<\/td>\n<td>12,000<\/td>\n<td>01 Mar<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>12,000<\/td>\n<\/tr>\n<tr>\n<td>03 May<\/td>\n<td>Bank<\/td>\n<td>\u00a0<\/td>\n<td>12,045<\/td>\n<td>08 May<\/td>\n<td>Bank<\/td>\n<td>\u00a0<\/td>\n<td>12,286<\/td>\n<\/tr>\n<tr>\n<td>08 May<\/td>\n<td>Interest<\/td>\n<td>\u00a0<\/td>\n<td>241<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>24,286<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>24,286<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"7\"><strong>Books of Mathew<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Mar<\/td>\n<td colspan=\"2\">Purchases A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>12,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Lilly<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>12,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Goods purchased from Lilly)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Mar<\/td>\n<td colspan=\"2\">Lilly<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>12,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>12,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Lilly\u2019s acceptance payable after two months accepted)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>03 May<\/td>\n<td colspan=\"2\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>12,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">Noting Charges A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>45<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Lilly<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>12,045<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Bill drawn by Lilly dishonoured)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 May<\/td>\n<td colspan=\"2\">Interest A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>241<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Lilly<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>241<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Interest charged @ 12% from Lilly on account of bill dishonoured)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 May<\/td>\n<td colspan=\"2\">Lilly<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>12,286<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>12,286<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Amount paid to Lilly through cheque)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Ledger<\/strong>\n<p><strong>\u00a0Lilly\u2019s Account<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Mar<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>12,000<\/td>\n<td>01 Mar<\/td>\n<td>Purchases<\/td>\n<td>\u00a0<\/td>\n<td>12,000<\/td>\n<\/tr>\n<tr>\n<td>09 May<\/td>\n<td>Bank<\/td>\n<td>\u00a0<\/td>\n<td>12,286<\/td>\n<td>03 May<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>12,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>03 May<\/td>\n<td>Noting charges<\/td>\n<td>\u00a0<\/td>\n<td>45<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>08 May<\/td>\n<td>Interest<\/td>\n<td>\u00a0<\/td>\n<td>241<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>24,286<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>24,286<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>18. Kapil purchased goods for \u20b9 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 \u20b9 100 as noting charges. Record the necessary journal entries for the above transactions in the books of Kapil and Gourav.<\/strong><\/p>\n<p>The necessary journal entries are shown below:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"7\"><strong>Books of Gaurav<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"2\">Kapil<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>21,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>21,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Goods tradedto Kapil)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"2\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>21,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Kapil<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>21,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Kapil\u2019s acceptance received)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>25 Feb<\/td>\n<td colspan=\"2\">Bills Sent for Collection A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>21,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>21,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Bill Receivable sent to bank for collection)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>04 Mar<\/td>\n<td colspan=\"2\">Kapil<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>21,100<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Bill Sent for Collection A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>21,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>100<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Kapil\u2019s acceptance dishonoured)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Kapil<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"3\">Purchases A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>21,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Gaurav<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>21,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods purchased from Gaurav)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Feb<\/td>\n<td colspan=\"3\">Gaurav<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>21,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>21,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bill drawn by Gaurav payable after one month\n<p>accepted)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>04 Mar<\/td>\n<td colspan=\"3\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>21,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">Noting Charges A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>100<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Gaurav<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>21,100<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bill drawn by Kapil dishonoured)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>19. On Feb. 14, 2017 Rashmi sold good \u20b9 7,500 to Alka. Alka paid \u20b9 500 in cash and for the bank balance accepted a bill of exchange drawn upon her by Rashmi payable after two months. On 10 Apr, 2017 Alka approached Rashmi to cancel the bill since she was short of funds. She further requested Rashmi to accept \u20b9 2,000 in cash and draw a new bill for the balance including interest \u20b9 500. Rashmi accepted Alka\u2019s\u00a0request and drew a new bill for the amount due payable after 2 months. The bill was accepted by Alka. The new bill was duly met by Alka on maturity.<\/strong><\/p>\n<p><strong>Record the necessary journal entries in the books of Rashmi and Alka and prepared Alka\u2019s\u00a0account in the books of Rashmi\u2019s\u00a0and Rashmi\u2019s\u00a0account in the books of Alka\u2019s.<\/strong><\/p>\n<p>The necessary journal entries are recorded below:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"10\"><strong>Books of Rashmi<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>14 Feb<\/td>\n<td colspan=\"4\">Alka<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>7,500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">To Sales A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>7,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Goods tradedto Alka)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>14 Feb<\/td>\n<td colspan=\"4\">Cash A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">Bills Receivable A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>7,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">To Alka<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>7,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"6\">(Cash received \u20b9 500 and the bill accepted\u00a0by Alka)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>10 Apr<\/td>\n<td colspan=\"5\">Alka<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>7,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>7,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Alka got the bill cancelled)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>10 Apr<\/td>\n<td colspan=\"5\">Cash A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>2,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">\u00a0To Alka<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Received cash from Alka)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>10 Apr<\/td>\n<td colspan=\"5\">Alka<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">To Interest A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Interest charged on the amount due from Alka)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>10 Apr<\/td>\n<td colspan=\"5\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>5,500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">To Alka<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>5,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Alka\u2019s acceptance payable of two months received)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>13 June<\/td>\n<td colspan=\"5\">Cash A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>5,500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>5,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Alka\u2019s acceptance met on due date)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Ledger\u00a0<\/strong>\n<p><strong>Alka\u2019s\u00a0Account<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>14 Feb<\/td>\n<td>Sales<\/td>\n<td>\u00a0<\/td>\n<td>7,500<\/td>\n<td>14 Feb<\/td>\n<td>Cash<\/td>\n<td>\u00a0<\/td>\n<td>500<\/td>\n<\/tr>\n<tr>\n<td>10 Apr<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>7,000<\/td>\n<td>14 Feb<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>7,000<\/td>\n<\/tr>\n<tr>\n<td>10 Apr<\/td>\n<td>Interest<\/td>\n<td>\u00a0<\/td>\n<td>500<\/td>\n<td>10 Apr<\/td>\n<td>Cash<\/td>\n<td>\u00a0<\/td>\n<td>2,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10 Apr<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>5,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Alka<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>14 Feb<\/td>\n<td colspan=\"2\">Purchases A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>7,500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Rashmi<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>7,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Goods purchased from Rahsmi)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>14 Feb<\/td>\n<td colspan=\"2\">Rashmi<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>7,500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Cash A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Bills Payable A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>7,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Cash paid to Rashmi \u20b9 500 and a bill for \u20b9 7,000\n<p>drawn by Rashmi accepted)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>10 Apr<\/td>\n<td colspan=\"3\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>7,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Rashmi<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>7,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bill cancelled before maturity)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>10 Apr<\/td>\n<td colspan=\"3\">Rashmi<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>2,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Cash A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Cash paid to Rashmi)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>10 Apr<\/td>\n<td colspan=\"3\">Interest A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Rashmi<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Interest due to Rashmi)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>10 Apr<\/td>\n<td colspan=\"3\">Rashmi<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>5,500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>5,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Rashmi\u2019s acceptance payable after two months\n<p>accepted)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>13 June<\/td>\n<td colspan=\"3\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>5,500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Cash A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>5,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(The bill met on due date)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Ledger<\/strong>\n<p><strong>Rashmi\u2019s Account<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>14 Feb<\/td>\n<td>Cash<\/td>\n<td>\u00a0<\/td>\n<td>500<\/td>\n<td>14 Feb<\/td>\n<td>Purchases<\/td>\n<td>\u00a0<\/td>\n<td>7,500<\/td>\n<\/tr>\n<tr>\n<td>14 Feb<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>7,000<\/td>\n<td>10 Apr<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>7,000<\/td>\n<\/tr>\n<tr>\n<td>10 Apr<\/td>\n<td>Cash<\/td>\n<td>\u00a0<\/td>\n<td>2,000<\/td>\n<td>10 Apr<\/td>\n<td>Interest<\/td>\n<td>\u00a0<\/td>\n<td>500<\/td>\n<\/tr>\n<tr>\n<td>10 Apr<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>5,500<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>15,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>20. Nikhil sold goods for \u20b9 23,000 to Akhil on Dec. 01, 2017. He drew upon Akhil a bill of exchange for the same amount payable after 2 months. Akhil accepted the bill and sent it back to Nikhil. Nikhil discounted the bill immediately with his bank @12 p.a. On the due date Akhil dishonoured the bill of exchange and the bank paid \u20b9 100 as noting charges. Akhil requested Nikhil to draw a new bill upon him with interest @10% p.a. which he agreed. The new bill was payable after two months. A week before the maturity of the second bill Akhil requested Nikhil to cancel the second bill. He further requested to accept \u20b9 10,000 in cash immediately and drew a third bill upon him including interest of \u20b9 500. Nikhil agreed to Akhil\u2019s\u00a0request. The third bill was payable after one month. Akhil met the third bill on its maturity. Record the necessary journal entries in the books of Nikhil and Akhil and also prepare Akhil\u2019s\u00a0account in the books of Nikhil and Nikhil\u2019s\u00a0account in the books of Akhil.<\/strong><\/p>\n<p>The necessary journal entries are recorded as follows:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"10\"><strong>Books of Nikhil<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>2017<\/strong><\/td>\n<td colspan=\"5\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Dec<\/td>\n<td colspan=\"5\">Akhil<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>23,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>23,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Goods tradedto Akhil)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Dec<\/td>\n<td colspan=\"5\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>23,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Akhil<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>23,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Akhil\u2019s acceptance received)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Dec<\/td>\n<td colspan=\"5\">Bank A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>22,540<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">Discount A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>460<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>23,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Akhil\u2019s acceptance discounted at 12% p.a with bank)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td><strong>2018<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>04 Feb<\/td>\n<td colspan=\"5\">Akhil<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>23,100<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"4\">To Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>23,100<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"6\">(Akhil\u2019s acceptance dishonoured, bank paid\n<p>\u20b9 100 as noting charges)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>04 Feb<\/td>\n<td colspan=\"3\">Akhil<\/td>\n<td colspan=\"3\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>385<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Interest A\/c<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>385<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"6\">(Interest credited on account of bill dishonoured\n<p>at 10% p.a. for two months)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>04 Feb<\/td>\n<td colspan=\"4\">Bills Receivable A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>23,485<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Akhil<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>23,485<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(New acceptance received from Akhil for\n<p>next two months received)<\/p>\n<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Apr<\/td>\n<td colspan=\"4\">Akhil<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>23,485<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Bills Receivable A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>23,485<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"6\">(The second bill cancelled one\u00a0week before\n<p>maturity)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Apr<\/td>\n<td colspan=\"4\">Cash A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Akhil<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Cash received from Akhil)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Apr<\/td>\n<td colspan=\"4\">Akhil<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Interest A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Interest due from Akhil for the bill)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Apr<\/td>\n<td colspan=\"4\">Bills Receivable A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>13,985<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">To Akhil<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>13,985<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Bill from Akhil received)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>May 04<\/td>\n<td colspan=\"4\">Cash A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>13,985<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">To Bills Receivable A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>13,985<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(The third bill met on due date)<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Akhil\u2019s Account<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>2017<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>2017<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Dec<\/td>\n<td>Sales<\/td>\n<td>\u00a0<\/td>\n<td>23,000<\/td>\n<td>01 Dec<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>23,000<\/td>\n<\/tr>\n<tr>\n<td><strong>2018<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>2018<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>04 Feb<\/td>\n<td>Bank<\/td>\n<td>\u00a0<\/td>\n<td>23,100<\/td>\n<td>04 Feb<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>23,485<\/td>\n<\/tr>\n<tr>\n<td>04 Feb<\/td>\n<td>Interest<\/td>\n<td>\u00a0<\/td>\n<td>385<\/td>\n<td>01 Apr<\/td>\n<td>Cash<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>01 Apr<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>23,485<\/td>\n<td>01 Apr<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>13,985<\/td>\n<\/tr>\n<tr>\n<td>01 Apr<\/td>\n<td>Interest<\/td>\n<td>\u00a0<\/td>\n<td>500<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>70,470<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>70,470<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Akhil<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit<\/strong>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Credit Amount<\/strong>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>2017<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Dec<\/td>\n<td colspan=\"3\">Purchases A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>23,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Nikhil<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>23,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Goods purchased from Nikhil)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Dec<\/td>\n<td colspan=\"3\">Nikhil<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>23,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>23,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bill drawn by Nikhil payable after two months\n<p>accepted)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td><strong>2018<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>04 Feb<\/td>\n<td colspan=\"3\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>23,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">Noting Charges A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>100<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Nikhil<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>23,100<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Bill dishonoured on due date and \u20b9 100 paid by\n<p>the holder of bill)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>04 Feb<\/td>\n<td colspan=\"3\">Interest A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>385<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Nikhil A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>385<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Interest due to Nikhil for the bill dishonoured)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>04 Feb<\/td>\n<td colspan=\"3\">Nikhil<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>23,485<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>23,485<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(New bill accepted payable after two months)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Apr<\/td>\n<td colspan=\"3\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>23,485<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Nikhil<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>23,485<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Bill cancelled before maturity)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Apr<\/td>\n<td colspan=\"3\">Nikhil<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Cash A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Cash paid to Nikhil)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Apr<\/td>\n<td colspan=\"3\">Interest A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Nikhil<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Interest due to Nikhil for bill cancellation)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Apr<\/td>\n<td colspan=\"3\">Nikhil<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>13,985<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>13,985<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(New bill accepted payable after one month)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>May 04<\/td>\n<td colspan=\"3\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>13,985<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Cash A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>13,985<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(The third bill met on maturity)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Nikhil Account<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>J.F.<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>2017<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>2017<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Dec<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>23,000<\/td>\n<td>01 Dec<\/td>\n<td>Purchases<\/td>\n<td>\u00a0<\/td>\n<td>23,000<\/td>\n<\/tr>\n<tr>\n<td><strong>2018<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>2018<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>04 Feb<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>23,485<\/td>\n<td>04 Feb<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>23,000<\/td>\n<\/tr>\n<tr>\n<td>01 Apr<\/td>\n<td>Cash<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>04 Feb<\/td>\n<td>Noting Charge<\/td>\n<td>\u00a0<\/td>\n<td>100<\/td>\n<\/tr>\n<tr>\n<td>01 Apr<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>13,985<\/td>\n<td>04 Feb<\/td>\n<td>Interest<\/td>\n<td>\u00a0<\/td>\n<td>385<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>01 Apr<\/td>\n<td>Bills Payable<\/td>\n<td>\u00a0<\/td>\n<td>23,485<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>01 Apr<\/td>\n<td>Interest<\/td>\n<td>\u00a0<\/td>\n<td>500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>70,470<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>70,470<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>21. On Jan 01, 2017 Vibha sold goods worth \u20b9 18,000 to Sudha and drew upon the latter a bill of exchange for the same amount payable after two months. Sudha accepted Vibha\u2019s\u00a0draft and returned the same to Vibha after acceptance. Vibha endorsed the bill immediately in favour of her creditor Geeta. Five days before the maturity of the bill Sudha requested Vibha to cancel the bill since she was short of funds. She further requested to draw a new bill upon her including interest of \u20b9 200. Vibha accepted Sudha\u2019s\u00a0request. Vibha took the bill from Geeta by making the payment to her in cash and cancelled the same. Then she drew a new bill upon Sudha as agreed. The new bill was payable after one month. The new bill was duly met by Sudha on maturity. Record the necessary journal entries in the books of Vibha.<\/strong><\/p>\n<p>The necessary journal entries are recorded as follows:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"7\"><strong>Books of Vibha<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"2\">Sudha<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Sales A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Goods tradedto Sudha)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"2\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Sudha<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Sudha\u2019s acceptance received)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"2\">Geeta<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Sudha\u2019s acceptance endorsed in favour of Geeta)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>27 Feb<\/td>\n<td colspan=\"2\">Sudha<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Geeta<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Sudha cancelled the bill five days before the maturity)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>27 Feb<\/td>\n<td colspan=\"2\">Geeta<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Cash A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>18,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Cash paid to Geeta)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>27 Feb<\/td>\n<td colspan=\"2\">Sudha<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>200<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Interest A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>200<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Interest credited to Sudha on account of\n<p>cancelling the bill )<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>27 Feb<\/td>\n<td colspan=\"2\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>18,200<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Sudha<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>18,200<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(New bill received from Sudha)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>02 Mar<\/td>\n<td colspan=\"2\">Cash A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>18,200<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>To Sudha<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>18,200<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">(Sudha\u2019s acceptance met on due date)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>22. Following was the position of debtor and creditor of Gautam as on 1.1.2017.<\/strong><\/p>\n<p><strong>Debtors Creditors<\/strong><\/p>\n<p><strong>\u20b9 \u20b9<\/strong><\/p>\n<p><strong>Babu 5,000 \u2013<\/strong><\/p>\n<p><strong>Chanderkala 8,000 \u2013<\/strong><\/p>\n<p><strong>Kiran 13,500 \u2013<\/strong><\/p>\n<p><strong>Anita 14,000 \u2013<\/strong><\/p>\n<p><strong>Anju \u2013 5,000<\/strong><\/p>\n<p><strong>Sheiba \u2013 12,000<\/strong><\/p>\n<p><strong>Manju \u2013 6,000<\/strong><\/p>\n<p>\u00a0<\/p>\n<p><strong>The following transactions took place in the month of Jan 2017:<\/strong><\/p>\n<p><strong>Jan. 02 Drew on Babu at two months after date at full settlement for \u20b9 4,800. Babu accepted the bill and returned it on 5.1.2017.<\/strong><\/p>\n<p><strong>Jan. 04 Babu\u2019s bill discounted for \u20b9 4,750.<\/strong><\/p>\n<p><strong>Jan. 08 Chanderkala sent a promissory note for \u20b9 8,000 payable three months after date.<\/strong><\/p>\n<p><strong>Jan. 10 Promissory note established from Chanderkala discounted for \u20b9 7,900<\/strong><\/p>\n<p><strong>Jan. 12 Accepted Sheiba draft for the amount due payable two months after date.<\/strong><\/p>\n<p><strong>Jan. 22 Anita sent his promissory note payable after two months.<\/strong><\/p>\n<p><strong>Jan. 23 Anita\u2019s promissory note endorsed in favour of Manju.<\/strong><\/p>\n<p><strong>Jan. 25 Accepted Anju\u2019s draft payable after three months.<\/strong><\/p>\n<p><strong>Jan. 29 Kiran sent \u20b9 2,000 in cash and a promissory note for the balance payable after three months.<\/strong><\/p>\n<p><strong>Record the above transactions in the proper subsidiary books.<\/strong><\/p>\n<p>The transactions are recorded in the books below:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"13\"><strong>Bills Receivable Book<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>No.<\/strong><\/td>\n<td><strong>Date of Bill<\/strong>\n<p><strong>2017<\/strong><\/p>\n<\/td>\n<td><strong>Date Received\u00a0<\/strong>\n<p><strong>2016<\/strong><\/p>\n<\/td>\n<td><strong>From whom\u00a0<\/strong>\n<p><strong>of Bill<\/strong><\/p>\n<\/td>\n<td><strong>Drawer\u00a0<\/strong>\n<p><strong>whom\u00a0<\/strong><\/p>\n<p><strong>received<\/strong><\/p>\n<\/td>\n<td><strong>Acceptor<\/strong><\/td>\n<td><strong>Where<\/strong><\/td>\n<td><strong>Term\u00a0<\/strong>\n<p><strong>Payable<\/strong><\/p>\n<\/td>\n<td><strong>Due date\u00a0<\/strong>\n<p><strong>2016<\/strong><\/p>\n<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Amount<\/strong>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Cash\u00a0<\/strong>\n<p><strong>Book\u00a0<\/strong><\/p>\n<p><strong>Folio<\/strong><\/p>\n<\/td>\n<td><strong>Remarks<\/strong><\/td>\n<\/tr>\n<tr>\n<td>01<\/td>\n<td>02 Jan<\/td>\n<td>05 Jan<\/td>\n<td>Babu<\/td>\n<td>Self<\/td>\n<td>Babu<\/td>\n<td>\u00a0<\/td>\n<td>2 months<\/td>\n<td>05 Mar<\/td>\n<td>\u00a0<\/td>\n<td>4,800<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Total<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>4,800<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"13\"><strong>Bills Payable Book<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>No.<\/strong><\/td>\n<td><strong>Date of Bill<\/strong>\n<p><strong>2017<\/strong><\/p>\n<\/td>\n<td><strong>To Whom<\/strong>\n<p><strong>Given<\/strong><\/p>\n<\/td>\n<td><strong>Drawer<\/strong><\/td>\n<td><strong>Payee<\/strong><\/td>\n<td><strong>Where\u00a0<\/strong>\n<p><strong>payable<\/strong><\/p>\n<\/td>\n<td><strong>Term<\/strong><\/td>\n<td><strong>Due date\u00a0<\/strong>\n<p><strong>2017<\/strong><\/p>\n<\/td>\n<td><strong>Ledger<\/strong><\/td>\n<td><strong>Amount<\/strong>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Date\u00a0<\/strong>\n<p><strong>paid<\/strong><\/p>\n<\/td>\n<td><strong>Cash\u00a0<\/strong>\n<p><strong>Book\u00a0<\/strong><\/p>\n<p><strong>Folio<\/strong><\/p>\n<\/td>\n<td><strong>Remarks<\/strong><\/td>\n<\/tr>\n<tr>\n<td>01<\/td>\n<td>12 Jan<\/td>\n<td>Sheiba<\/td>\n<td>Sheiba<\/td>\n<td>\u2013<\/td>\n<td>\u00a0<\/td>\n<td>2 months<\/td>\n<td>15 Mar<\/td>\n<td>\u00a0<\/td>\n<td>12,000<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>02<\/td>\n<td>25 Jan<\/td>\n<td>Anju<\/td>\n<td>Anju<\/td>\n<td>\u2013<\/td>\n<td>\u00a0<\/td>\n<td>2 months<\/td>\n<td>28 Apr<\/td>\n<td>\u00a0<\/td>\n<td>5,000<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Total<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>17,000<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"10\"><strong>Cash Book<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Cash<\/strong>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Bank<\/strong>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Cash<\/strong>\n<p><strong>\u00a0\u20b9<\/strong><\/p>\n<\/td>\n<td><strong>Bank\u00a0<\/strong>\n<p><strong>\u20b9<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>04 Jan<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>4,750<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>10 Jan<\/td>\n<td>Bills Receivable<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>7,900<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>29 Jan<\/td>\n<td>Kiran<\/td>\n<td>\u00a0<\/td>\n<td>2,000<\/td>\n<td>\u00a0<\/td>\n<td>31 Jan<\/td>\n<td>Balance c\/d<\/td>\n<td>\u00a0<\/td>\n<td>2,000<\/td>\n<td>12,650<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2,000<\/td>\n<td>12,650<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>2,000<\/td>\n<td>12,650<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"9\"><strong>\u00a0Books of Gautam<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>05 Jan<\/td>\n<td colspan=\"3\">Discount Allowed A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>200<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>To Babu<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>200<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Babu\u2019s acceptance received and allowed him\n<p>discount \u20b9 200)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>04 Jan<\/td>\n<td colspan=\"4\">Discount A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>50<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>50<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Babu\u2019s acceptance discounted with a discount\n<p>charge of \u20b9 50)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>08 Jan<\/td>\n<td colspan=\"4\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>8,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Chanderkala<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>8,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Promissory Note from Chanderkala received)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>10 Jan<\/td>\n<td colspan=\"3\">Discount A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>100<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Receivable A\/c<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>100<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Chanderkala\u2019s Promissory Note discounted with bank\n<p>at discount of \u20b9 100)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>22 Jan<\/td>\n<td colspan=\"3\">Bills Receivable A\/c<\/td>\n<td colspan=\"2\">Dr.<\/td>\n<td>\u00a0<\/td>\n<td>14,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Anita<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>14,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Promissory note established from\u00a0Anita)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>23 Jan<\/td>\n<td colspan=\"4\">Manju<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>14,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>14,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Anita\u2019s Promissory Note endorsed to\u00a0Manju)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>29 Jan<\/td>\n<td colspan=\"4\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>11,500<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Kiran<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>11,500<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"5\">(Promissory Note from Kiran received)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>23. On Jan. 01, 2017 Harsh accepted a month bill for \u20b9 10,000 drawn on him by Tanu for latter\u2019s\u00a0benefit. Tanu discounted the bill on same day @ 8% p.a. On the due date Tanu sent a cheque to Harsh for honour the bill. Harsh duly honoured his acceptance. Record the journal entries in the Books of Tanu and Harsh.<\/strong><\/p>\n<p>The journal entries recorded are shown below:<\/p>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>Books of Tanu<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\"><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"3\">Bills Receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Harsh<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Harsh\u2019s acceptance received)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"3\">Bank A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>9,933<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">Discount A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>67<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bills Receivable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"3\">(Harsh\u2019s acceptance discounted at 8%\u00a0p.a.\n<p>for one month)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>04 Feb<\/td>\n<td colspan=\"3\">Harsha<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">To Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Harsh\u2019s account settled by paying amount\n<p>due to Harsh through cheque)<\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td colspan=\"9\"><strong>Books of\u00a0Harsh<\/strong>\n<p><strong>Journal<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td><strong>Particulars<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit \u20b9<\/strong><\/td>\n<td><strong>Credit\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td colspan=\"4\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>01 Jan<\/td>\n<td colspan=\"4\">Tanu<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"2\">\u00a0<\/td>\n<td colspan=\"2\">To Bills Payable A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Bill drawn by Tanu accepted)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>04 Feb<\/td>\n<td colspan=\"4\">Bank A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Tanu<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Cheque received from Tanu)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>04 Feb<\/td>\n<td colspan=\"4\">Bills Payable A\/c<\/td>\n<td>Dr.<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">To Bank A\/c<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td colspan=\"4\">(Bill drawn by Tanu met on due date)<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"concepts-covered-in-this-chapter\"><\/span>Concepts covered in this chapter<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h2><span class=\"ez-toc-section\" id=\"access-other-chapters-and-ncert-solutions-for-class-11-accountancy-chapter-8\"><\/span><strong>Access Other Chapters and NCERT Solutions For Class 11 Accountancy Chapter 8<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>You can download the PDF of NCERT Solutions Class 11 Accountancy for Chapter 8 other chapters:<\/strong><\/p>\n<p><strong>Chapter-1 Introduction to Accounting<\/strong><\/p>\n<p><strong>Chapter-2 Theory Base Of Accounting<\/strong><\/p>\n<p><strong>Chapter-3 Recording Of Transactions &#8211; I<\/strong><\/p>\n<p><strong>Chapter-4 Recording Of Transactions &#8211; II<\/strong><\/p>\n<p><strong>Chapter-5 Bank Reconciliation Statement<\/strong><\/p>\n<p><strong>Chapter-6 Trial Balance And Rectification Of Errors<\/strong><\/p>\n<p><strong>Chapter-7 Depreciation, Provisions, and Reserves<\/strong><\/p>\n<p><strong>Chapter-9 Financial Statements &#8211; I<\/strong><\/p>\n<p><strong>Chapter-10 Financial Statements &#8211; II<\/strong><\/p>\n<p><strong>Chapter-11 Accounts From Incomplete Records<\/strong><\/p>\n<p><strong>Chapter-12 Applications Of Computers In Accounting<\/strong><\/p>\n<p><strong>Chapter-13 Computerised Accounting System<\/strong><\/p>\n<p><strong>Chapter-14 Depreciation<\/strong><\/p>\n<p><strong>Chapter-15 Bank Reconciliation Statement<\/strong><\/p>\n<p><strong>We have provided all the important above in the article regarding the <a href=\"https:\/\/www.cbse.gov.in\/\" target=\"_blank\" rel=\"noopener\">CBSE<\/a> NCERT Solutions For Class 11 Accountancy Chapter-8. If you have any queries, you can mention them in the comment section.<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"faq-frequently-asked-questions-ncert-solutions-for-class-11-accountancy-ch-8\"><\/span><strong>FAQ (Frequently Asked Questions):NCERT Solutions for Class 11 Accountancy Ch-8\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-question-1627078678292\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"what-is-the-difference-between-promissory-notes-and-bills-of-exchange\"><\/span><strong>What is the difference between promissory notes and bills of exchange?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Bills of exchange are written instruments that carry an unconditional order to pay a specific amount of money from the maker to the bearer. A promissory note is a written document signed by the creator as an unconditional promise to pay a specific amount to the bearer of the instrument. Three parties are engaged in a Bill of Exchange: the drawer, the drawee, and the payee. Only two parties are involved in a promissory note: the maker and the payee. Before payment, the drawee must always accept the bill of exchange. While a promissory note does not require the drawee&#8217;s acceptance, a promissory note does. A payee and drawer in a Bill of Exchange can be the same individual. While in a promissory note, payee and drawers are different.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1627078704052\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"what-is-the-significance-of-the-exchange-bill\"><\/span><strong>What is the significance of the exchange bill?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>The importance of a bill of exchange is that it reduces the risk of exporting. Between states and countries, there are different laws and conventions regarding transportation and methods. Trading outside of the country has a higher level of risk than trading within the country.<br \/>As a result, the risk of dealing outside the country is reduced by the bill of change. The currency rate varies, and bills of exchange safeguard exporters by guaranteeing a fixed amount of payment. Bills of trade are essentially legal documents. If the drawee fails to pay the amount, for example, the drawer can use the Bill of Exchange as evidence to legally collect the money.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1627078726340\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"name-the-parties-to-a-promissory-note\"><\/span><strong>Name the parties to a promissory note<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>A promissory note&#8217;s parties are listed below.<br \/>The promissory note&#8217;s maker, who agrees to pay the sum of the promissory note.<br \/>The payee is the person who receives the payment.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1627078771272\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"what-is-meant-by-acceptance-of-a-bill-of-exchange\"><\/span><strong>What is meant by acceptance of a bill of exchange?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>A bill is drawn in the name of the individual who owes the money. In other words, creditors issue a bill of exchange to their debtors, instructing them to pay a specified sum on a specific date. A bill is usually drawn by a seller to a buyer. The bill for the amount payable on account of the credit sales is accepted by the buyer. Other than credit purchases, the bill may be accepted for the amount owed, such as commissions due, salary owed, and so on. A bill cannot exist until the debtor accepts it.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>NCERT Solutions for Class 11 Accountancy Chapter 8: When you don&#8217;t know how to solve simple accounting difficulties, they appear more difficult. Don&#8217;t worry, we&#8217;ve got you covered with our NCERT Solutions For Class 11 Accountancy Chapter 8. We bring Class 11 form so that you can simply identify and comprehend the more difficult problems. &#8230; <a title=\"Class 11 Accountancy NCERT Solutions for Chapter 8 2021: Download PDF\" class=\"read-more\" href=\"https:\/\/www.kopykitab.com\/blog\/ncert-solutions-for-class-11-accountancy-chapter-8\/\" aria-label=\"More on Class 11 Accountancy NCERT Solutions for Chapter 8 2021: Download PDF\">Read more<\/a><\/p>\n","protected":false},"author":250,"featured_media":107965,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":""},"categories":[73413,73692,1],"tags":[3570,76237,76416],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/posts\/107961"}],"collection":[{"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/users\/250"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/comments?post=107961"}],"version-history":[{"count":5,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/posts\/107961\/revisions"}],"predecessor-version":[{"id":113138,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/posts\/107961\/revisions\/113138"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/media\/107965"}],"wp:attachment":[{"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/media?parent=107961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/categories?post=107961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/tags?post=107961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}