Kapil purchased goods for Rs. 21,000 from Gaurav on 1st February, 2016

1.	Kapil purchased goods for Rs. 21,000 from Gaurav on 1st February, 2016 and accepted the bills of exchange drawn by Gaurav for the same amount. The bill was payable after a month. On 25th February, 2016, Gaurav sent the bill to his bank for collection. The bill was duly presented by the bank. Kapil dishonoured the bill and the bank paid Rs. 100 as noting charges. Record the necessary journal entries for the above transactions in the books of Kapil and Gaurav.
Answer» Kapil purchased goods for Rs. 21,000 from Gaurav on 1st February, 2016 and accepted the bills of exchange drawn by Gaurav for the same amount. The bill was payable after a month. On 25th February, 2016, Gaurav sent the bill to his bank for collection. The bill was duly presented by the bank. Kapil dishonoured the bill and the bank paid Rs. 100 as noting charges. Record the necessary journal entries for the above transactions in the books of Kapil and Gaurav.

Kapil purchased goods for Rs. 21,000 from Gaurav on 1st February, 2016 and accepted the bills of exchange drawn by Gaurav for the same amount. The bill was payable after a month. On 25th February, 2016, Gaurav sent the bill to his bank for collection. The bill was duly presented by the bank. Kapil dishonoured the bill and the bank paid Rs. 100 as noting charges. Record the necessary journal entries for the above transactions in the books of Kapil and Gaurav.

Answer»

Kapil purchased goods for Rs. 21,000 from Gaurav on 1st February, 2016 and accepted the bills of exchange drawn by Gaurav for the same amount. The bill was payable after a month. On 25th February, 2016, Gaurav sent the bill to his bank for collection. The bill was duly presented by the bank. Kapil dishonoured the bill and the bank paid Rs. 100 as noting charges.

Record the necessary journal entries for the above transactions in the books of Kapil and Gaurav.

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