Question 2: PRACTICAL PROBLEMS On 2nd Jan., 2011 Kiran of Kanpur purchased goods from Kavita of Kedgaon for Rs 4,850

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]





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