The Total solution for NCERT class 6-12
Books of Nikhil
Journal
Date
Particulars
L.F.
Debit ₹
Credit₹
2017
01 Dec
Akhil
Dr.
23,000
To Sales A/c
(Goods tradedto Akhil)
Bills Receivable A/c
To Akhil
(Akhil’s acceptance received)
Bank A/c
22,540
Discount A/c
460
To Bills Receivable A/c
(Akhil’s acceptance discounted at 12% p.a with bank)
2018
04 Feb
23,100
To Bank A/c
(Akhil’s acceptance dishonoured, bank paid
₹ 100 as noting charges)
385
To Interest A/c
(Interest credited on account of bill dishonoured
at 10% p.a. for two months)
23,485
(New acceptance received from Akhil for
next two months received)
01 Apr
(The second bill cancelled one week before
maturity)
Cash A/c
10,000
(Cash received from Akhil)
500
(Interest due from Akhil for the bill)
13,985
(Bill from Akhil received)
May 04
(The third bill met on due date)
Akhil’s Account
Cr.
J.F.
Amount ₹
Sales
Bills Receivable
Bank
Interest
Cash
70,470
Books of Akhil
Debit
₹
Credit Amount
Purchases A/c
To Nikhil
(Goods purchased from Nikhil)
Nikhil
To Bills Payable A/c
(Bill drawn by Nikhil payable after two months
accepted)
Bills Payable A/c
Noting Charges A/c
100
(Bill dishonoured on due date and ₹ 100 paid by
the holder of bill)
Interest A/c
To Nikhil A/c
(Interest due to Nikhil for the bill dishonoured)
(New bill accepted payable after two months)
(Bill cancelled before maturity)
To Cash A/c
(Cash paid to Nikhil)
(Interest due to Nikhil for bill cancellation)
(New bill accepted payable after one month)
(The third bill met on maturity)
Nikhil Account
Bills Payable
Purchases
Noting Charge