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Q 5) Neha sold goods to rohan Rs42 000on 6th sept.2019.Neha drew a bill of exchange at 3months for the amount which was accepted by rohan.Neha disounted the bill with her bankers at Rs41 000.On the due date of the bill rohan dishonoured the bill and bank paid Rs300as noting charges. Show journal entries in the books of neha and rohan.?
Most Upvoted Answer
Q 5) Neha sold goods to rohan Rs42 000on 6th sept.2019.Neha drew a bil...
**Journal Entries in the Books of Neha:**
1. On the date of sale:
- Debtor's Account (Rohan) - Dr. 42,000
- Sales Account - Cr. 42,000
2. On the date of drawing the bill:
- Bills Receivable Account - Dr. 42,000
- Debtor's Account (Rohan) - Cr. 42,000
3. On the date of discounting the bill with the bank:
- Bank Account - Dr. 41,000
- Bills Receivable Account - Cr. 41,000
4. On the date of dishonor and payment of noting charges:
- Noting Charges Account - Dr. 300
- Debtor's Account (Rohan) - Dr. 42,000
- Bills Receivable Account - Cr. 42,000
- Bank Account - Cr. 300
**Journal Entries in the Books of Rohan:**
1. On the date of purchase:
- Purchases Account - Dr. 42,000
- Creditor's Account (Neha) - Cr. 42,000
2. On the date of acceptance of the bill:
- Creditor's Account (Neha) - Dr. 42,000
- Bills Payable Account - Cr. 42,000
3. On the date of dishonor and payment of noting charges:
- Noting Charges Account - Dr. 300
- Bills Payable Account - Cr. 42,000
- Creditor's Account (Neha) - Cr. 42,000
- Bank Account - Dr. 300
**Explanation:**
1. On the date of sale, Neha records the sale of goods to Rohan by debiting the Debtor's Account (Rohan) and crediting the Sales Account.
2. On the date of drawing the bill, Neha records the acceptance of the bill by Rohan. The Bills Receivable Account is debited, and the Debtor's Account (Rohan) is credited.
3. On the date of discounting the bill with the bank, Neha records the discounting of the bill. The Bank Account is debited with the discounted amount, and the Bills Receivable Account is credited.
4. On the due date of the bill, when Rohan dishonored the bill and the bank paid noting charges, Neha records the dishonor and payment of noting charges. The Noting Charges Account is debited with the noting charges, and the Debtor's Account (Rohan) and Bills Receivable Account are debited with the original bill amount. The Bank Account is credited with the noting charges.
In Rohan's books, the entries are made to reflect the purchase of goods, acceptance of the bill, and the dishonor of the bill. The Noting Charges Account is debited with the noting charges, and the Bills Payable Account is credited with the original bill amount. The Creditor's Account (Neha) is credited with the bill amount, and the Bank Account is debited with the noting charges.
Overall, these journal entries help in recording the sale, acceptance, and dishonor of the bill, as well as the payment of noting charges, ensuring accurate financial reporting for
1. On the date of sale:
- Debtor's Account (Rohan) - Dr. 42,000
- Sales Account - Cr. 42,000
2. On the date of drawing the bill:
- Bills Receivable Account - Dr. 42,000
- Debtor's Account (Rohan) - Cr. 42,000
3. On the date of discounting the bill with the bank:
- Bank Account - Dr. 41,000
- Bills Receivable Account - Cr. 41,000
4. On the date of dishonor and payment of noting charges:
- Noting Charges Account - Dr. 300
- Debtor's Account (Rohan) - Dr. 42,000
- Bills Receivable Account - Cr. 42,000
- Bank Account - Cr. 300
**Journal Entries in the Books of Rohan:**
1. On the date of purchase:
- Purchases Account - Dr. 42,000
- Creditor's Account (Neha) - Cr. 42,000
2. On the date of acceptance of the bill:
- Creditor's Account (Neha) - Dr. 42,000
- Bills Payable Account - Cr. 42,000
3. On the date of dishonor and payment of noting charges:
- Noting Charges Account - Dr. 300
- Bills Payable Account - Cr. 42,000
- Creditor's Account (Neha) - Cr. 42,000
- Bank Account - Dr. 300
**Explanation:**
1. On the date of sale, Neha records the sale of goods to Rohan by debiting the Debtor's Account (Rohan) and crediting the Sales Account.
2. On the date of drawing the bill, Neha records the acceptance of the bill by Rohan. The Bills Receivable Account is debited, and the Debtor's Account (Rohan) is credited.
3. On the date of discounting the bill with the bank, Neha records the discounting of the bill. The Bank Account is debited with the discounted amount, and the Bills Receivable Account is credited.
4. On the due date of the bill, when Rohan dishonored the bill and the bank paid noting charges, Neha records the dishonor and payment of noting charges. The Noting Charges Account is debited with the noting charges, and the Debtor's Account (Rohan) and Bills Receivable Account are debited with the original bill amount. The Bank Account is credited with the noting charges.
In Rohan's books, the entries are made to reflect the purchase of goods, acceptance of the bill, and the dishonor of the bill. The Noting Charges Account is debited with the noting charges, and the Bills Payable Account is credited with the original bill amount. The Creditor's Account (Neha) is credited with the bill amount, and the Bank Account is debited with the noting charges.
Overall, these journal entries help in recording the sale, acceptance, and dishonor of the bill, as well as the payment of noting charges, ensuring accurate financial reporting for
Community Answer
Q 5) Neha sold goods to rohan Rs42 000on 6th sept.2019.Neha drew a bil...
*I have not written the narration Of Journal enteries*
In the book of Neha
6.9.19 Rohan--DR. 42000
To sales A/C 42000
6.9.19 Bill receivable A/c--DR. 42000
TO Rohan 42000
6.9.19 Cash A/C-- DR. 41000
Discount A/C--DR. 1000
to Bill receivable A/c 42000
6.12.19 Rohan--DR. 42000
to bank A/C 42000
6.12.19 Rohan--DR 300
To bank A/C 300
-_-_-_-_-_
IN THE BOOKS OF ROHAN
6.9.19 purchase A/C--DR 42000
To Neha 42000
6.9.19 Neha--DR. 42000
To Bill payable A/C 42000
6.12.19 Bill payable A/C--DR. 42000
To Neha 42000
6.12.19 Noting charge--DR 300
TO Neha 300
In the book of Neha
6.9.19 Rohan--DR. 42000
To sales A/C 42000
6.9.19 Bill receivable A/c--DR. 42000
TO Rohan 42000
6.9.19 Cash A/C-- DR. 41000
Discount A/C--DR. 1000
to Bill receivable A/c 42000
6.12.19 Rohan--DR. 42000
to bank A/C 42000
6.12.19 Rohan--DR 300
To bank A/C 300
-_-_-_-_-_
IN THE BOOKS OF ROHAN
6.9.19 purchase A/C--DR 42000
To Neha 42000
6.9.19 Neha--DR. 42000
To Bill payable A/C 42000
6.12.19 Bill payable A/C--DR. 42000
To Neha 42000
6.12.19 Noting charge--DR 300
TO Neha 300
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Q 5) Neha sold goods to rohan Rs42 000on 6th sept.2019.Neha drew a bill of exchange at 3months for the amount which was accepted by rohan.Neha disounted the bill with her bankers at Rs41 000.On the due date of the bill rohan dishonoured the bill and bank paid Rs300as noting charges. Show journal entries in the books of neha and rohan.?
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Q 5) Neha sold goods to rohan Rs42 000on 6th sept.2019.Neha drew a bill of exchange at 3months for the amount which was accepted by rohan.Neha disounted the bill with her bankers at Rs41 000.On the due date of the bill rohan dishonoured the bill and bank paid Rs300as noting charges. Show journal entries in the books of neha and rohan.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Q 5) Neha sold goods to rohan Rs42 000on 6th sept.2019.Neha drew a bill of exchange at 3months for the amount which was accepted by rohan.Neha disounted the bill with her bankers at Rs41 000.On the due date of the bill rohan dishonoured the bill and bank paid Rs300as noting charges. Show journal entries in the books of neha and rohan.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Q 5) Neha sold goods to rohan Rs42 000on 6th sept.2019.Neha drew a bill of exchange at 3months for the amount which was accepted by rohan.Neha disounted the bill with her bankers at Rs41 000.On the due date of the bill rohan dishonoured the bill and bank paid Rs300as noting charges. Show journal entries in the books of neha and rohan.?.
Q 5) Neha sold goods to rohan Rs42 000on 6th sept.2019.Neha drew a bill of exchange at 3months for the amount which was accepted by rohan.Neha disounted the bill with her bankers at Rs41 000.On the due date of the bill rohan dishonoured the bill and bank paid Rs300as noting charges. Show journal entries in the books of neha and rohan.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Q 5) Neha sold goods to rohan Rs42 000on 6th sept.2019.Neha drew a bill of exchange at 3months for the amount which was accepted by rohan.Neha disounted the bill with her bankers at Rs41 000.On the due date of the bill rohan dishonoured the bill and bank paid Rs300as noting charges. Show journal entries in the books of neha and rohan.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Q 5) Neha sold goods to rohan Rs42 000on 6th sept.2019.Neha drew a bill of exchange at 3months for the amount which was accepted by rohan.Neha disounted the bill with her bankers at Rs41 000.On the due date of the bill rohan dishonoured the bill and bank paid Rs300as noting charges. Show journal entries in the books of neha and rohan.?.
Solutions for Q 5) Neha sold goods to rohan Rs42 000on 6th sept.2019.Neha drew a bill of exchange at 3months for the amount which was accepted by rohan.Neha disounted the bill with her bankers at Rs41 000.On the due date of the bill rohan dishonoured the bill and bank paid Rs300as noting charges. Show journal entries in the books of neha and rohan.? in English & in Hindi are available as part of our courses for Commerce.
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Q 5) Neha sold goods to rohan Rs42 000on 6th sept.2019.Neha drew a bill of exchange at 3months for the amount which was accepted by rohan.Neha disounted the bill with her bankers at Rs41 000.On the due date of the bill rohan dishonoured the bill and bank paid Rs300as noting charges. Show journal entries in the books of neha and rohan.?, a detailed solution for Q 5) Neha sold goods to rohan Rs42 000on 6th sept.2019.Neha drew a bill of exchange at 3months for the amount which was accepted by rohan.Neha disounted the bill with her bankers at Rs41 000.On the due date of the bill rohan dishonoured the bill and bank paid Rs300as noting charges. Show journal entries in the books of neha and rohan.? has been provided alongside types of Q 5) Neha sold goods to rohan Rs42 000on 6th sept.2019.Neha drew a bill of exchange at 3months for the amount which was accepted by rohan.Neha disounted the bill with her bankers at Rs41 000.On the due date of the bill rohan dishonoured the bill and bank paid Rs300as noting charges. Show journal entries in the books of neha and rohan.? theory, EduRev gives you an
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