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Vikas draws a 3 months bill on vishal for Rs. 4,000 on 1.4.2012. Vishal accepts the bill and sends it to vikas who discounted it with the bank for Rs. 3,940 Vikas sends ¼th of the amount that is Rs. 985 to Vishal. On the due date Vikas could not send his amount to Vishal and Accepts a bill for Rs. 4,500 for 3 months which is discounted by Vishal for Rs. 4,440 Vishal Sends Rs. 330 to Vikas. Before the due date of the second bill, Vikas becomes insolvent and 25 paise in a rupee was received from his estate. Give journal entries in the books of both the parties. |
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Answer» Bills receivables a/c Dr 4000 To Vishal's a/c 4000 Bank a/c Dr 3940 Discounting CHARGES A/c Dr 60 To bills receivables a/c 4000 Vishal A/c Dr 985 Discounting charges Dr 15 To Bank a/c 1000 Vishal A/c Dr 4500 To Bills PAYABLE A/c 4500 Bank A/c Dr 330 Discounting charges A/C Dr 4 To Vishal 334Bills payable a/c dr 4500 To Vishal 4500 Vishal Dr 833.5 TO bank a/c 833.5 deficiency a/c dr 2500.5 to Vishal 2500.5 Above entries are the in the books of Vikas on the basis of this you can journalies entries in the books of VISHAL .if this ANS is helpful for u then plese MARK it as brainest |
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