Question Description
Read the following hypothetical Case Study and answer the given questions: On 1st January 2017, Pravin sold goods to Navin for ₹1,00,000 received ₹25,000 in cash and drew two bills, first for ₹45,000 and second for ₹30,000 for two months each. Both the bills are duly accepted by Navin. First bill was endorsed to Shobha in settlement of her account of ₹45,500 and second bill was discounted from the Bank @ 12% p.a. On the due date of these bills, both bills were dishonoured. Shobha has paid ₹100 and Bank has paid `80 as Noting charges. Navin paid ₹20,000 and Noting charges in Cash and accepted a new bill for the balance at three months. The interest on balance @ 18% p.a. was paid in cash. The new bill is immediately endorsed to Jayesh. On the due date of the new bill, Navin became insolvent and nothing was recovered from the estate.Q. What will be the journal entry for the bill accepted for the payment to be made to Praveen in the books of Navin?a)Bills Receivable A/c (I) Dr. 45,000Bills Receivables A/c (II) Dr. 30,000To Pravin 75,000(Being acceptance given to Pravin for the two bills)b)Navin Dr. 75,000To Bills Receivable (I) A/c 45,000To Bills Receivable (II) A/c 30,000(Being acceptance given to Pravin for the two bills)c)Navin Dr. 75,000To Bills Payable (I) A/c 45,000To Bills Payable (II) A/c 30,000(Being acceptance given to Pravin for the two bills)d)No Entry will be done in the books of Sushil.Correct answer is option 'C'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Read the following hypothetical Case Study and answer the given questions: On 1st January 2017, Pravin sold goods to Navin for ₹1,00,000 received ₹25,000 in cash and drew two bills, first for ₹45,000 and second for ₹30,000 for two months each. Both the bills are duly accepted by Navin. First bill was endorsed to Shobha in settlement of her account of ₹45,500 and second bill was discounted from the Bank @ 12% p.a. On the due date of these bills, both bills were dishonoured. Shobha has paid ₹100 and Bank has paid `80 as Noting charges. Navin paid ₹20,000 and Noting charges in Cash and accepted a new bill for the balance at three months. The interest on balance @ 18% p.a. was paid in cash. The new bill is immediately endorsed to Jayesh. On the due date of the new bill, Navin became insolvent and nothing was recovered from the estate.Q. What will be the journal entry for the bill accepted for the payment to be made to Praveen in the books of Navin?a)Bills Receivable A/c (I) Dr. 45,000Bills Receivables A/c (II) Dr. 30,000To Pravin 75,000(Being acceptance given to Pravin for the two bills)b)Navin Dr. 75,000To Bills Receivable (I) A/c 45,000To Bills Receivable (II) A/c 30,000(Being acceptance given to Pravin for the two bills)c)Navin Dr. 75,000To Bills Payable (I) A/c 45,000To Bills Payable (II) A/c 30,000(Being acceptance given to Pravin for the two bills)d)No Entry will be done in the books of Sushil.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Read the following hypothetical Case Study and answer the given questions: On 1st January 2017, Pravin sold goods to Navin for ₹1,00,000 received ₹25,000 in cash and drew two bills, first for ₹45,000 and second for ₹30,000 for two months each. Both the bills are duly accepted by Navin. First bill was endorsed to Shobha in settlement of her account of ₹45,500 and second bill was discounted from the Bank @ 12% p.a. On the due date of these bills, both bills were dishonoured. Shobha has paid ₹100 and Bank has paid `80 as Noting charges. Navin paid ₹20,000 and Noting charges in Cash and accepted a new bill for the balance at three months. The interest on balance @ 18% p.a. was paid in cash. The new bill is immediately endorsed to Jayesh. On the due date of the new bill, Navin became insolvent and nothing was recovered from the estate.Q. What will be the journal entry for the bill accepted for the payment to be made to Praveen in the books of Navin?a)Bills Receivable A/c (I) Dr. 45,000Bills Receivables A/c (II) Dr. 30,000To Pravin 75,000(Being acceptance given to Pravin for the two bills)b)Navin Dr. 75,000To Bills Receivable (I) A/c 45,000To Bills Receivable (II) A/c 30,000(Being acceptance given to Pravin for the two bills)c)Navin Dr. 75,000To Bills Payable (I) A/c 45,000To Bills Payable (II) A/c 30,000(Being acceptance given to Pravin for the two bills)d)No Entry will be done in the books of Sushil.Correct answer is option 'C'. Can you explain this answer?.

Solutions for Read the following hypothetical Case Study and answer the given questions: On 1st January 2017, Pravin sold goods to Navin for ₹1,00,000 received ₹25,000 in cash and drew two bills, first for ₹45,000 and second for ₹30,000 for two months each. Both the bills are duly accepted by Navin. First bill was endorsed to Shobha in settlement of her account of ₹45,500 and second bill was discounted from the Bank @ 12% p.a. On the due date of these bills, both bills were dishonoured. Shobha has paid ₹100 and Bank has paid `80 as Noting charges. Navin paid ₹20,000 and Noting charges in Cash and accepted a new bill for the balance at three months. The interest on balance @ 18% p.a. was paid in cash. The new bill is immediately endorsed to Jayesh. On the due date of the new bill, Navin became insolvent and nothing was recovered from the estate.Q. What will be the journal entry for the bill accepted for the payment to be made to Praveen in the books of Navin?a)Bills Receivable A/c (I) Dr. 45,000Bills Receivables A/c (II) Dr. 30,000To Pravin 75,000(Being acceptance given to Pravin for the two bills)b)Navin Dr. 75,000To Bills Receivable (I) A/c 45,000To Bills Receivable (II) A/c 30,000(Being acceptance given to Pravin for the two bills)c)Navin Dr. 75,000To Bills Payable (I) A/c 45,000To Bills Payable (II) A/c 30,000(Being acceptance given to Pravin for the two bills)d)No Entry will be done in the books of Sushil.Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.

Here you can find the meaning of Read the following hypothetical Case Study and answer the given questions: On 1st January 2017, Pravin sold goods to Navin for ₹1,00,000 received ₹25,000 in cash and drew two bills, first for ₹45,000 and second for ₹30,000 for two months each. Both the bills are duly accepted by Navin. First bill was endorsed to Shobha in settlement of her account of ₹45,500 and second bill was discounted from the Bank @ 12% p.a. On the due date of these bills, both bills were dishonoured. Shobha has paid ₹100 and Bank has paid `80 as Noting charges. Navin paid ₹20,000 and Noting charges in Cash and accepted a new bill for the balance at three months. The interest on balance @ 18% p.a. was paid in cash. The new bill is immediately endorsed to Jayesh. On the due date of the new bill, Navin became insolvent and nothing was recovered from the estate.Q. What will be the journal entry for the bill accepted for the payment to be made to Praveen in the books of Navin?a)Bills Receivable A/c (I) Dr. 45,000Bills Receivables A/c (II) Dr. 30,000To Pravin 75,000(Being acceptance given to Pravin for the two bills)b)Navin Dr. 75,000To Bills Receivable (I) A/c 45,000To Bills Receivable (II) A/c 30,000(Being acceptance given to Pravin for the two bills)c)Navin Dr. 75,000To Bills Payable (I) A/c 45,000To Bills Payable (II) A/c 30,000(Being acceptance given to Pravin for the two bills)d)No Entry will be done in the books of Sushil.Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Read the following hypothetical Case Study and answer the given questions: On 1st January 2017, Pravin sold goods to Navin for ₹1,00,000 received ₹25,000 in cash and drew two bills, first for ₹45,000 and second for ₹30,000 for two months each. Both the bills are duly accepted by Navin. First bill was endorsed to Shobha in settlement of her account of ₹45,500 and second bill was discounted from the Bank @ 12% p.a. On the due date of these bills, both bills were dishonoured. Shobha has paid ₹100 and Bank has paid `80 as Noting charges. Navin paid ₹20,000 and Noting charges in Cash and accepted a new bill for the balance at three months. The interest on balance @ 18% p.a. was paid in cash. The new bill is immediately endorsed to Jayesh. On the due date of the new bill, Navin became insolvent and nothing was recovered from the estate.Q. What will be the journal entry for the bill accepted for the payment to be made to Praveen in the books of Navin?a)Bills Receivable A/c (I) Dr. 45,000Bills Receivables A/c (II) Dr. 30,000To Pravin 75,000(Being acceptance given to Pravin for the two bills)b)Navin Dr. 75,000To Bills Receivable (I) A/c 45,000To Bills Receivable (II) A/c 30,000(Being acceptance given to Pravin for the two bills)c)Navin Dr. 75,000To Bills Payable (I) A/c 45,000To Bills Payable (II) A/c 30,000(Being acceptance given to Pravin for the two bills)d)No Entry will be done in the books of Sushil.Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Read the following hypothetical Case Study and answer the given questions: On 1st January 2017, Pravin sold goods to Navin for ₹1,00,000 received ₹25,000 in cash and drew two bills, first for ₹45,000 and second for ₹30,000 for two months each. Both the bills are duly accepted by Navin. First bill was endorsed to Shobha in settlement of her account of ₹45,500 and second bill was discounted from the Bank @ 12% p.a. On the due date of these bills, both bills were dishonoured. Shobha has paid ₹100 and Bank has paid `80 as Noting charges. Navin paid ₹20,000 and Noting charges in Cash and accepted a new bill for the balance at three months. The interest on balance @ 18% p.a. was paid in cash. The new bill is immediately endorsed to Jayesh. On the due date of the new bill, Navin became insolvent and nothing was recovered from the estate.Q. What will be the journal entry for the bill accepted for the payment to be made to Praveen in the books of Navin?a)Bills Receivable A/c (I) Dr. 45,000Bills Receivables A/c (II) Dr. 30,000To Pravin 75,000(Being acceptance given to Pravin for the two bills)b)Navin Dr. 75,000To Bills Receivable (I) A/c 45,000To Bills Receivable (II) A/c 30,000(Being acceptance given to Pravin for the two bills)c)Navin Dr. 75,000To Bills Payable (I) A/c 45,000To Bills Payable (II) A/c 30,000(Being acceptance given to Pravin for the two bills)d)No Entry will be done in the books of Sushil.Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Read the following hypothetical Case Study and answer the given questions: On 1st January 2017, Pravin sold goods to Navin for ₹1,00,000 received ₹25,000 in cash and drew two bills, first for ₹45,000 and second for ₹30,000 for two months each. Both the bills are duly accepted by Navin. First bill was endorsed to Shobha in settlement of her account of ₹45,500 and second bill was discounted from the Bank @ 12% p.a. On the due date of these bills, both bills were dishonoured. Shobha has paid ₹100 and Bank has paid `80 as Noting charges. Navin paid ₹20,000 and Noting charges in Cash and accepted a new bill for the balance at three months. The interest on balance @ 18% p.a. was paid in cash. The new bill is immediately endorsed to Jayesh. On the due date of the new bill, Navin became insolvent and nothing was recovered from the estate.Q. What will be the journal entry for the bill accepted for the payment to be made to Praveen in the books of Navin?a)Bills Receivable A/c (I) Dr. 45,000Bills Receivables A/c (II) Dr. 30,000To Pravin 75,000(Being acceptance given to Pravin for the two bills)b)Navin Dr. 75,000To Bills Receivable (I) A/c 45,000To Bills Receivable (II) A/c 30,000(Being acceptance given to Pravin for the two bills)c)Navin Dr. 75,000To Bills Payable (I) A/c 45,000To Bills Payable (II) A/c 30,000(Being acceptance given to Pravin for the two bills)d)No Entry will be done in the books of Sushil.Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Read the following hypothetical Case Study and answer the given questions: On 1st January 2017, Pravin sold goods to Navin for ₹1,00,000 received ₹25,000 in cash and drew two bills, first for ₹45,000 and second for ₹30,000 for two months each. Both the bills are duly accepted by Navin. First bill was endorsed to Shobha in settlement of her account of ₹45,500 and second bill was discounted from the Bank @ 12% p.a. On the due date of these bills, both bills were dishonoured. Shobha has paid ₹100 and Bank has paid `80 as Noting charges. Navin paid ₹20,000 and Noting charges in Cash and accepted a new bill for the balance at three months. The interest on balance @ 18% p.a. was paid in cash. The new bill is immediately endorsed to Jayesh. On the due date of the new bill, Navin became insolvent and nothing was recovered from the estate.Q. What will be the journal entry for the bill accepted for the payment to be made to Praveen in the books of Navin?a)Bills Receivable A/c (I) Dr. 45,000Bills Receivables A/c (II) Dr. 30,000To Pravin 75,000(Being acceptance given to Pravin for the two bills)b)Navin Dr. 75,000To Bills Receivable (I) A/c 45,000To Bills Receivable (II) A/c 30,000(Being acceptance given to Pravin for the two bills)c)Navin Dr. 75,000To Bills Payable (I) A/c 45,000To Bills Payable (II) A/c 30,000(Being acceptance given to Pravin for the two bills)d)No Entry will be done in the books of Sushil.Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice Commerce tests.