The Total solution for NCERT class 6-12
Books of Lilly
Journal
Date
Particulars
L.F.
Debit ₹
Credit₹
2017
01 Mar
Mathew
Dr.
12,000
To Sales A/c
(Goods tradedto Mathew)
Bills Receivable A/c
To Mathew
(Mathew’s acceptance payable after two months received)
Bank A/c
11,820
Discount A/c
180
To Bills Receivable A/c
(Mathew’s bill discounted at 9% p.a.)
03 May
Mathew A/c
12,045
To Bank A/c
(Mathew’s acceptance dishonoured bank paid ₹ 45 as
noting charges)
Note: In this question, May 04 has been considered as
Holiday, so the date of maturity will be 03 May, 2017 in
place of May 04, 2017.
08 May
241
To Interest A/c
(Interest @ 12% credited to Mathew on account of bill dishonoured)
12,286
(Cheque received from Mathew for the amount due from him)
Ledger
Mathew’s Account
Cr.
J.F.
Amount ₹
Sales
Bills Receivable
Bank
Interest
24,286
Books of Mathew
Purchases A/c
To Lilly
(Goods purchased from Lilly)
Lilly
To Bills Payable A/c
(Lilly’s acceptance payable after two months accepted)
Bills Payable A/c
Noting Charges A/c
45
(Bill drawn by Lilly dishonoured)
Interest A/c
(Interest charged @ 12% from Lilly on account of bill dishonoured)
(Amount paid to Lilly through cheque)
Lilly’s Account
Bills Payable
Purchases
09 May
Noting charges