Question 3: PRACTICAL PROBLEMS Vasanti sold goods on credit of Rs 8,500 to Aruna on 14th July 2009.

Question 3:

PRACTICAL PROBLEMS

Vasanti sold goods on credit of Rs 8,500 to Aruna on 14th July 2009. On the same date Vasanti drew two bills for Rs 5,000 and 3,500 for 2 and 3 months period respectively. Aruna accepted and return immediately. On 21st July, 2009 Vasanti deposited 3 months acceptance to her bank for collections.

On the due date of the respective bills Aruna honoured 2 months acceptance but dishonoured the second for which Vasanti paid nothing chargers Rs 60 and her bank debited 50 for bank chargers

Pass the journal entries in the books of Vasanti and Aruna.