Question 2:
PRACTICAL PROBLEMS
On 2nd Jan., 2011 Kiran of Kanpur purchased goods from Kavita of Kedgaon for Rs 4,850 and gave his acceptance to after date bill for 60 days on 5th Jan, 2011 for the same amount. On the same date Kavita of Kedgaon deposited the bill into bank for collection. On the due date Kiran honoured his acceptance.
You are required to pass journal entries in the books both the parties.
Answer:
Books of Kavita
Journal Entry
Date
Particulars
L.F.
Debit
Amount.
Rs.
Credit
Amount
Rs.
2.1.2011
Kiran A/c ... Dr.
4850
To Sales A/c
4850
[Being the Goods are Sold]
5.1.2011
Bills Receivable A/c ... Dr.
4850
To Kiran A/c
4850
[Being the Bill is drawn]
5.1.2011
Bill Sent for Collection A/c ... Dr.
4850
To Bills Receivable A/c
4850
[Being the bill is sent to the bank for collection]
6.3.2011
Bank A/c ... Dr.
4850
To Bill Sent for Collection A/c
4850
[Being Bill Sent for collection Honoured on due date]
Date
|
Particulars
|
L.F.
|
Debit
Amount.
Rs.
|
Credit
Amount
Rs.
|
2.1.2011
|
Kiran A/c ... Dr.
|
4850
| ||
To Sales A/c
|
4850
| |||
[Being the Goods are Sold]
| ||||
5.1.2011
|
Bills Receivable A/c ... Dr.
|
4850
| ||
To Kiran A/c
|
4850
| |||
[Being the Bill is drawn]
| ||||
5.1.2011
|
Bill Sent for Collection A/c ... Dr.
|
4850
| ||
To Bills Receivable A/c
|
4850
| |||
[Being the bill is sent to the bank for collection]
| ||||
6.3.2011
|
Bank A/c ... Dr.
|
4850
| ||
To Bill Sent for Collection A/c
|
4850
| |||
[Being Bill Sent for collection Honoured on due date]
|