Page 1 :
PA By Vo1), , Rama aca iets, , , , () Gi, 24. On Ist May, 2021, Merchant & Co Te eel Se ie, | them a bill at 3 months for the amo Sold goods to AB & Co, valued at % 500 and drew 7, , the bill was about to Co., , j mature, . accept a, , } pay Merchant & Co, % 200 ee & Co. expressed ee the draft on presentaie vei, , mi at 6% p.a. for 3 months, Marche inability to meet it, and 8", maturity, the bill was duly met, nied,, , ‘ys of Exchange, for Bills, ing, fe, f sells joe ee % 10,000 and draws upon him a bill for the amount payable, frer date. The bill is accepted by Bhola, Aj i “11 with his bank, Months 2 of & 150 inclusive of all ch 1, Amar discounts the bill with his banker, 3m giscoum his banker and hi charges. Bhola fails to meet this bill on maturity., 8 pays off BY Foe acy Penses amounting to % 100, Bhola gives @ fresh bill,, A ahs! date to Amar for 10,250, which he met at maturity., » the necessary Journal entries in Amar’s books,, , 17.39, , show, , tian :, us ogee B CO A accepted a Bill of Exchange at 3 months for this amount which, , Gaenunted for © 380., , give the necessary Journal entries in the books of A and B if this bill is:, ) gishonoured on the due date;, (a), , eous Questions, , () met at maturity and, , @ retired under rebate at 6% p.a. 2 months before its maturity., y Give the Journal entries for the following:, 5 @ Bs acceptance to us for % 1,000 due this day, renewed at his request for 3 months with, interest @ 6% p.a( Our pill to Chandra for & 5,000 renewed for 2 months with interest @ 6% p.a., | @ B's acceptance of % 3,000 is discharged on his paying us cash % 1,000 and accepting a, fresh bill for the balance with interest = 100., | 9B Leena sold goods to Meena on 1st March, 2009 for % 68,000 and drew two Bills of Exchange, ofthe equal amount upon Meena payable after three months. Leena immediately discounted, the first bill with her bank at 12% p.a. The bill was dishonoured by Meena and Bank paid, %55 as noting charges., , , , The second bill was retired on Ath May, 2009 under a rebate of 6% p.a. with mutual agreement., Journalise the above in the books of Leena and Meena. (KVS), , 29. On 1st January, 2008, A sold goods to B for % 1,00,000 received & 25,000 in cash and drew, two bills, first = 45,000 and second for 30,000 of two months each. Both bills were duly, accepted by B. First bill was endorsed to C in settlement of his account of 45,000 and, second bill was discounted from the bank at the rate of 12% p.a. On the due date of these, bills, both bills were dishonoured. C has paid 100 and bank has paid % 80 as noting charges., Pass Journal entries in the books of A, B and C. (MSE Chandigarh), , 40. On 15th January, 2016, Sachin sold goods for & 30,000 to Narain and drew upon the later a, , bill for the same amount payable after 3 months. The bill was accepted by Narain. The bill was, , discounted by Sachin from his bank for € 29,250 on 31st January, 2016. On maturity, the bill, , Was dishonoured. He further agreed to pay © 10,500 in cash including % 500 interest and accept., , anew bill for two months for the remaining & 20,000. The new bill was endorsed by Sachin in, , favour of his creditor Kapil for settling a debt of € 20,800. The new bill was duly met by Narain, on maturity, Record the necessary Journal entries in the books of Sachin. (KVS), , Mehak sold goods for % 24,000 to Shally on 31st July, 2017 and drew three bills for = 6,000,, , 8,000 and % 10,000 payable after two, three and four months respectively. The first bill, , Was kept by Mehak with her till maturity date. She endorsed the second bill in favour of, , i creditor Kanak. The third bill was discounted on 3rd September, 2017 @ 12% p.a. from, , ial The first and second bill were duly met on maturity but the third bill was dishonoured, , Me bank paid % 150 as noting charges. On 3rd December, 2017 Shally paid = 5,000 and, , am, ig charges in cash and accepted a new pill at two months after date for the balance, unt plus interest Z 200. The new bill was met on maturity by Shally. You are required, , 3, , 8ive the Journal entries in the books on Mehak. (Delhi), , , , 17.40, Double Entry Book Ke, ping., CBee., , MI O { ¢