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On March 4, 2020, A purchased from B goods for Rs. 50,000. A paid 40% immediately and for the balance accepted a Bill payable after 30 days. B immediately endorsed the Bill in favour of his creditor C for the full settlement of a debt of Rs. 31,000. On the due date the bill was dishonoured and C paid Rs. 100 as noting charges. Record the necessary journal entries in the books of B and C for the above transactions?
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On March 4, 2020, A purchased from B goods for Rs. 50,000. A paid 40% ...
Journal Entries in the Books of B:
- When A purchased goods from B:
- A/C Dr. 50,000
- To Sales A/C 50,000
- When A paid 40% immediately:
- Cash A/C Dr. 20,000
- To A/C 20,000
- When B accepted a Bill payable after 30 days:
- A/C Dr. 30,000
- To Bills Payable A/C 30,000

Journal Entries in the Books of C:
- When B endorsed the Bill in favour of C:
- Bills Receivable A/C Dr. 31,000
- To B A/C 31,000
- When the Bill was dishonoured:
- Noting Charges A/C Dr. 100
- To Cash A/C 100
Explanation:
- Initially, when A purchased goods from B, the sales entry was passed.
- When A paid 40% immediately, cash was debited and A was credited.
- B accepted a Bill payable after 30 days for the balance amount.
- B then endorsed the Bill in favour of C to settle a debt.
- On the due date, the Bill was dishonoured, and C paid Rs. 100 as noting charges.
- The necessary journal entries were made in the books of B and C to record these transactions accurately.
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On March 4, 2020, A purchased from B goods for Rs. 50,000. A paid 40% immediately and for the balance accepted a Bill payable after 30 days. B immediately endorsed the Bill in favour of his creditor C for the full settlement of a debt of Rs. 31,000. On the due date the bill was dishonoured and C paid Rs. 100 as noting charges. Record the necessary journal entries in the books of B and C for the above transactions?
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On March 4, 2020, A purchased from B goods for Rs. 50,000. A paid 40% immediately and for the balance accepted a Bill payable after 30 days. B immediately endorsed the Bill in favour of his creditor C for the full settlement of a debt of Rs. 31,000. On the due date the bill was dishonoured and C paid Rs. 100 as noting charges. Record the necessary journal entries in the books of B and C for the above transactions? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about On March 4, 2020, A purchased from B goods for Rs. 50,000. A paid 40% immediately and for the balance accepted a Bill payable after 30 days. B immediately endorsed the Bill in favour of his creditor C for the full settlement of a debt of Rs. 31,000. On the due date the bill was dishonoured and C paid Rs. 100 as noting charges. Record the necessary journal entries in the books of B and C for the above transactions? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On March 4, 2020, A purchased from B goods for Rs. 50,000. A paid 40% immediately and for the balance accepted a Bill payable after 30 days. B immediately endorsed the Bill in favour of his creditor C for the full settlement of a debt of Rs. 31,000. On the due date the bill was dishonoured and C paid Rs. 100 as noting charges. Record the necessary journal entries in the books of B and C for the above transactions?.
Solutions for On March 4, 2020, A purchased from B goods for Rs. 50,000. A paid 40% immediately and for the balance accepted a Bill payable after 30 days. B immediately endorsed the Bill in favour of his creditor C for the full settlement of a debt of Rs. 31,000. On the due date the bill was dishonoured and C paid Rs. 100 as noting charges. Record the necessary journal entries in the books of B and C for the above transactions? in English & in Hindi are available as part of our courses for Class 11. Download more important topics, notes, lectures and mock test series for Class 11 Exam by signing up for free.
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