31. Mehak sold goods for ₹ 24,000 to Shally on 31st July, 2017 and d

1.	31. Mehak sold goods for ₹ 24,000 to Shally on 31st July, 2017 and drew three bills for ₹ 6,000, \( ₹ 8,000 \) and \( ₹ 10,000 \) payable after two, three and four months respectively. The first bill was kept by Mehak with her till maturity date. She endorsed the second bill in favour of her creditor Kanak. The third bill was discounted on 3rd September, 2017 @ 12\% p.a. from bank. The first and second bill were duly met on maturity but the third bill was dishonoured and the bank paid ₹ 150 as noting charges. On 3rd December, 2017 Shally paid ₹ 5,000 and noting charges in cash and accepted a new bill at two months after date for the balance amount plus interest ₹ 200 . The new bill was met on maturity by Shally. You are required to give the Journal entries in the books on Mehak. (Delhi)
Answer» 31 july shally account debit 24000 To B/R account. 24000 31 july B/R account debit 24000 To shally account 24000 31 july. kanak account debit 8000 To B/R account 8000 3 sep. Bank account debit 9900 Discount account debit 100 To B/R account. 10000 3 oct B/R account debit. 6000 To cash account. 6000 3 nov. No entry 3 dec. Shelly account debit 1050 To B/R account. 10150 3 dec. B/R account debit. 5150 To cash account 5150 3 dec. B/R account debit. 5200 To shally 5200 6 feb. B/R account debit 5200 To cash account 5200 *Thanks*

31. Mehak sold goods for ₹ 24,000 to Shally on 31st July, 2017 and drew three bills for ₹ 6,000, \( ₹ 8,000 \) and \( ₹ 10,000 \) payable after two, three and four months respectively. The first bill was kept by Mehak with her till maturity date. She endorsed the second bill in favour of her creditor Kanak. The third bill was discounted on 3rd September, 2017 @ 12\% p.a. from bank. The first and second bill were duly met on maturity but the third bill was dishonoured and the bank paid ₹ 150 as noting charges. On 3rd December, 2017 Shally paid ₹ 5,000 and noting charges in cash and accepted a new bill at two months after date for the balance amount plus interest ₹ 200 . The new bill was met on maturity by Shally. You are required to give the Journal entries in the books on Mehak. (Delhi)

Answer»

31 july shally account debit 24000

To B/R account. 24000

31 july B/R account debit 24000

To shally account 24000

31 july. kanak account debit 8000

To B/R account 8000

3 sep. Bank account debit 9900

Discount account debit 100

To B/R account. 10000

3 oct B/R account debit. 6000

To cash account. 6000

3 nov. No entry

3 dec. Shelly account debit 1050

To B/R account. 10150

3 dec. B/R account debit. 5150

To cash account 5150

3 dec. B/R account debit. 5200

To shally 5200

6 feb. B/R account debit 5200

To cash account 5200

Thanks