The Total solution for NCERT class 6-12
Books of Ravi
Journal
Date
Particulars
L.F.
Debit
₹
Credit₹
2016
13 Feb
Sudershan
Dr.
40,000
To Sales A/c
(Goods tradedto Sudershan)
Bills Receivable A/c
To Sudershan
(Four bills from Sudershan received: the first for ₹
5,000, the second bill for ₹ 10,000, the third bill for
₹ 12,000 and the fourth bill for ₹ 13)
Bank A/c
4,975
Discount A/c
25
To Bills Receivable A/c
5,000
(The first bill discounted with bank at 6% p.a.)
Mustaq
10,200
10,000
To Discount Received A/c
200
(The second bill endorsed to Mustaq in full settlement
of amount due to him)
03 Mar
Bill Sent for Collection A/c
13,000
(The fourth bill sent to bank for collection)
07 Mar
To Bill Sent for Collection A/c
(The fourth bill dishonoured on due date)
81
To Interest A/c
(Interest due on the fourth bill ₹ 13,000 for 19
days at 12% p.a,)
10 Mar
Cash A/c
13,081
(Cash received from Sudershan)
16 Mar
To Bank A/c
(The first bill dishonoured)
50
(Interest due on amount ₹ 5,000 at 12%
for one month)
19 Mar
5,050
To Sudershan A/c
(Sudershan paid the amount due on account
dishonoured of the first bill plus interest)
28 Mar
Discount Received A/c
To Mustaq
(The second bill dishonoured, which had endorsed
in favour of Mustaq)
132
(Interest charged at 12% on the amount due on account
of dishonour of the second bill ₹ 10,000)
01 Apr
10,132
(Received cash from Sudershan for the second bill
along with interest)
May16
12,000
(The third bill dishonoured on due date)
360
(Interest at 12% for 3 months charged on the amount due
on account of dishonour the third bill ₹ 12,000)
May19
12,360
(Cash received from Sudershan for the third bill along with interest 12% p.a.)
Ledger
Sudershan’s Account
Cr.
J.F.
Amount ₹
Sales
Bills Receivable
Bill sent for Collection
Cash
Interest
Bank
16 May
80,623
Mustaq’s Account
Amount
B/R
Discount Received
Books of Sudershan
Debit ₹
Purchases A/c
To Ravi
(Goods purchased from Ravi)
Ravi
To Bills Payable A/c
(Four bills drawn by Ravi accepted: the first bill for
₹ 5,000 payable after one month, the second for
₹ 10,000 payable after 40 days, the third for ₹ 12,000
payable after 3 months and the fourth for ₹ 13,000
payable after 19 days)
Bills Payable A/c
(The fourth bill dishonoured)
Interest A/c
(Interest charged for the amount of fourth bill
at 12% p.a.)
To Cash A/c
(Cash paid to Ravi for amount due on account of
dishonour of the fourth bill along with interest
at 12% p.a. for 19 days)
(Interest charged at 12% p.a. on the first bill for one month)
dishonour of the first bill along with interest
at 12% p.a. for one month)
(The second bill dishonoured)
(Interest charged at 12% p.a. for 40 days on the second bill)
dishonour of the second bill along with interest
at 12% p.a. for 40 days)
(The third bill dishonoured)
(Interest charged at 12% p.a. for 3 months on third bill)
19 May
dishonour of the third bill along with interest
at 12% p.a. for 3 months)