The Total solution for NCERT class 6-12
Books of Sharma
Journal
Date
Particulars
L.F.
Debit ₹
Credit₹
2017
02 Feb
Verma
Dr.
17,500
To Sales A/c
(Goods tradedto Verma)
Cash A/c
2,500
Bills Receivable A/c
15,000
To Verma
(Cash ₹ 2,500 and Promissory Note ₹ 15,000 received
from Verma for 60 days)
Gupta A/c
15,400
To Bills Receivable A/c
To Discount Received A/c
400
(Promissory Note endorsed to Gupta in full settlement
of amount due to him)
05 Apr
Discount Received A/c
15,050
To Gupta
15,450
(Promissory Note issued by Verma dishonoured
and Gupta paid ₹ 50 as noting charges)
Note: In this question ₹ 5,000 is given as noting charges,
there is mistake. Here ₹ 50 has been taken as noting
charges instead of ₹ 5,000).
06 Apr
Interest A/c
50
(Interest of ₹ 50 debited to Gupta, on account of
dishonour of Promissory Note)
Gupta
15,500
To Bank A/c
(Gupta’s A/c settled)
Bank A/c
(Cheque received from Verma for the amount due from him)
Ledger
Verma’s Account
Cr.
J.F.
Amount ₹
Sales
Cash
Bills Receivable
Bank
32,550
Gupta’s Account
Amount
₹
B/R
01 Apr
Balance b/d
Discount Received
Discount Reserved
Interest
30,900
Books of Verma
Purchases A/c
To Sharma
(Goods purchased from Sharma)
Sharma
To Bills Payable A/c
To Cash A/c
(Cash ₹ 2,500 paid and Promissory Note made for
the balance)
Bills Payable A/c
Noting Charges A/c
(Promissory Note dishonoured on maturity)
(Payment made to Sharma through cheque)
Sharma’s Account
Purchases
Bills Payable
Noting Charges
Books of Gupta
Discount Allowed A/c
(Promissory Note ₹ 15,000 received from Sharma in
full settlement for 60 days)
To Discount Allowed A/c
(Promissory note established from Sharma, dishonoured)
To Interest A/c
(Interest ₹ 50 credited on account of Promissory Note
dishonoured)
(Cheque received from Sharma)
01 Feb
Discount Allowed
4,000