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Manohar drew a bill of exchange on Pushkar, his debtor, for ₹20,000 on 1st March,2018 for 3 months. Pushkar accepted the same and returned it to drawer. Manohar endorsed the bill to Yadav on 1st April,2019 for a debt of equal amount. Yadav discounted it with the bank at 15% p.a on 1st May, 2 / 2 2018. On the due date the bill was dishonoured (noting charges amounted to ₹100) Show the journal entries in the books of Drawer, Drawee and Endorsee.?
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Manohar drew a bill of exchange on Pushkar, his debtor, for ₹20,000 on...
Journal Entries in the Books of Drawer, Drawee and Endorsee
The following are the journal entries in the books of Drawer, Drawee and Endorsee:
In the Books of Drawer:
On 1st March, 2018:
- Bill Receivable A/c Dr. ₹20,000
- To Pushkar A/c ₹20,000
(Being a bill of exchange drawn on Pushkar for ₹20,000 for 3 months)
On 1st April, 2019:
- Yadav A/c Dr. ₹20,000
- To Bill Receivable A/c ₹20,000
(Being a bill of exchange endorsed in favour of Yadav)
On the due date when the bill was dishonoured:
- Bank Charges A/c Dr. ₹100
- To Pushkar A/c ₹20,000
- To Bill Receivable A/c ₹20,000
(Being the dishonour of the bill and noting charges)
In the Books of Drawee:
On 1st March, 2018:
- Bill Payable A/c Dr. ₹20,000
- To Manohar A/c ₹20,000
(Being acceptance of the bill of exchange drawn by Manohar)
On the due date when the bill was dishonoured:
- Manohar A/c Dr. ₹20,000
- To Bank A/c ₹20,100
(Being the dishonour of the bill and payment of noting charges)
In the Books of Endorsee:
On 1st April, 2019:
- Bill Receivable A/c Dr. ₹20,000
- To Yadav A/c ₹20,000
(Being the endorsement of the bill of exchange in favour of Yadav)
On 1st May, 2019:
- Bank A/c Dr. ₹17,000
- Discount A/c Dr. ₹3,000
- To Bill Receivable A/c ₹20,000
(Being the discounting of the bill of exchange with the bank at 15% p.a.)
Conclusion
In conclusion, the above journal entries show the various transactions that took place between the drawer, drawee and endorsee in relation to the bill of exchange. These entries help to record the financial transactions accurately in the books of accounts of the parties involved.
The following are the journal entries in the books of Drawer, Drawee and Endorsee:
In the Books of Drawer:
On 1st March, 2018:
- Bill Receivable A/c Dr. ₹20,000
- To Pushkar A/c ₹20,000
(Being a bill of exchange drawn on Pushkar for ₹20,000 for 3 months)
On 1st April, 2019:
- Yadav A/c Dr. ₹20,000
- To Bill Receivable A/c ₹20,000
(Being a bill of exchange endorsed in favour of Yadav)
On the due date when the bill was dishonoured:
- Bank Charges A/c Dr. ₹100
- To Pushkar A/c ₹20,000
- To Bill Receivable A/c ₹20,000
(Being the dishonour of the bill and noting charges)
In the Books of Drawee:
On 1st March, 2018:
- Bill Payable A/c Dr. ₹20,000
- To Manohar A/c ₹20,000
(Being acceptance of the bill of exchange drawn by Manohar)
On the due date when the bill was dishonoured:
- Manohar A/c Dr. ₹20,000
- To Bank A/c ₹20,100
(Being the dishonour of the bill and payment of noting charges)
In the Books of Endorsee:
On 1st April, 2019:
- Bill Receivable A/c Dr. ₹20,000
- To Yadav A/c ₹20,000
(Being the endorsement of the bill of exchange in favour of Yadav)
On 1st May, 2019:
- Bank A/c Dr. ₹17,000
- Discount A/c Dr. ₹3,000
- To Bill Receivable A/c ₹20,000
(Being the discounting of the bill of exchange with the bank at 15% p.a.)
Conclusion
In conclusion, the above journal entries show the various transactions that took place between the drawer, drawee and endorsee in relation to the bill of exchange. These entries help to record the financial transactions accurately in the books of accounts of the parties involved.
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Manohar drew a bill of exchange on Pushkar, his debtor, for ₹20,000 on 1st March,2018 for 3 months. Pushkar accepted the same and returned it to drawer. Manohar endorsed the bill to Yadav on 1st April,2019 for a debt of equal amount. Yadav discounted it with the bank at 15% p.a on 1st May, 2 / 2 2018. On the due date the bill was dishonoured (noting charges amounted to ₹100) Show the journal entries in the books of Drawer, Drawee and Endorsee.?
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Manohar drew a bill of exchange on Pushkar, his debtor, for ₹20,000 on 1st March,2018 for 3 months. Pushkar accepted the same and returned it to drawer. Manohar endorsed the bill to Yadav on 1st April,2019 for a debt of equal amount. Yadav discounted it with the bank at 15% p.a on 1st May, 2 / 2 2018. On the due date the bill was dishonoured (noting charges amounted to ₹100) Show the journal entries in the books of Drawer, Drawee and Endorsee.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Manohar drew a bill of exchange on Pushkar, his debtor, for ₹20,000 on 1st March,2018 for 3 months. Pushkar accepted the same and returned it to drawer. Manohar endorsed the bill to Yadav on 1st April,2019 for a debt of equal amount. Yadav discounted it with the bank at 15% p.a on 1st May, 2 / 2 2018. On the due date the bill was dishonoured (noting charges amounted to ₹100) Show the journal entries in the books of Drawer, Drawee and Endorsee.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Manohar drew a bill of exchange on Pushkar, his debtor, for ₹20,000 on 1st March,2018 for 3 months. Pushkar accepted the same and returned it to drawer. Manohar endorsed the bill to Yadav on 1st April,2019 for a debt of equal amount. Yadav discounted it with the bank at 15% p.a on 1st May, 2 / 2 2018. On the due date the bill was dishonoured (noting charges amounted to ₹100) Show the journal entries in the books of Drawer, Drawee and Endorsee.?.
Manohar drew a bill of exchange on Pushkar, his debtor, for ₹20,000 on 1st March,2018 for 3 months. Pushkar accepted the same and returned it to drawer. Manohar endorsed the bill to Yadav on 1st April,2019 for a debt of equal amount. Yadav discounted it with the bank at 15% p.a on 1st May, 2 / 2 2018. On the due date the bill was dishonoured (noting charges amounted to ₹100) Show the journal entries in the books of Drawer, Drawee and Endorsee.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Manohar drew a bill of exchange on Pushkar, his debtor, for ₹20,000 on 1st March,2018 for 3 months. Pushkar accepted the same and returned it to drawer. Manohar endorsed the bill to Yadav on 1st April,2019 for a debt of equal amount. Yadav discounted it with the bank at 15% p.a on 1st May, 2 / 2 2018. On the due date the bill was dishonoured (noting charges amounted to ₹100) Show the journal entries in the books of Drawer, Drawee and Endorsee.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Manohar drew a bill of exchange on Pushkar, his debtor, for ₹20,000 on 1st March,2018 for 3 months. Pushkar accepted the same and returned it to drawer. Manohar endorsed the bill to Yadav on 1st April,2019 for a debt of equal amount. Yadav discounted it with the bank at 15% p.a on 1st May, 2 / 2 2018. On the due date the bill was dishonoured (noting charges amounted to ₹100) Show the journal entries in the books of Drawer, Drawee and Endorsee.?.
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Manohar drew a bill of exchange on Pushkar, his debtor, for ₹20,000 on 1st March,2018 for 3 months. Pushkar accepted the same and returned it to drawer. Manohar endorsed the bill to Yadav on 1st April,2019 for a debt of equal amount. Yadav discounted it with the bank at 15% p.a on 1st May, 2 / 2 2018. On the due date the bill was dishonoured (noting charges amounted to ₹100) Show the journal entries in the books of Drawer, Drawee and Endorsee.?, a detailed solution for Manohar drew a bill of exchange on Pushkar, his debtor, for ₹20,000 on 1st March,2018 for 3 months. Pushkar accepted the same and returned it to drawer. Manohar endorsed the bill to Yadav on 1st April,2019 for a debt of equal amount. Yadav discounted it with the bank at 15% p.a on 1st May, 2 / 2 2018. On the due date the bill was dishonoured (noting charges amounted to ₹100) Show the journal entries in the books of Drawer, Drawee and Endorsee.? has been provided alongside types of Manohar drew a bill of exchange on Pushkar, his debtor, for ₹20,000 on 1st March,2018 for 3 months. Pushkar accepted the same and returned it to drawer. Manohar endorsed the bill to Yadav on 1st April,2019 for a debt of equal amount. Yadav discounted it with the bank at 15% p.a on 1st May, 2 / 2 2018. On the due date the bill was dishonoured (noting charges amounted to ₹100) Show the journal entries in the books of Drawer, Drawee and Endorsee.? theory, EduRev gives you an
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