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Ankit drew a bill for rs. 5000 on bakul which the later accepted. If the bill is dishonoured on due date, pass necessary journal entries in the books of ankit under following causes:- A. If the ankit discounts the bills with his bankers for rs. 4,900 and bank paid nothing charges rs. 40 B. If ankit endorse the bill to his creditor chandan and chandan paid nothing charges rs. 40?
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Ankit drew a bill for rs. 5000 on bakul which the later accepted. If t...
Journal Entries in the Books of Ankit
A. Ankit discounts the bill with his bankers
When Ankit discounts the bill with his bankers, he receives the discounted amount from the bank and the bank charges a fee for the service. However, if the bill is dishonored, Ankit needs to make the necessary journal entries.
1. When the bill is discounted:
2. When the bill is dishonored:
B. Ankit endorses the bill to his creditor
When Ankit endorses the bill to his creditor, Chandan, he transfers the responsibility of payment to Chandan. If the bill is dishonored, Ankit needs to make the necessary journal entries.
1. When the bill is endorsed to Chandan:
2. When the bill is dishonored:
These journal entries reflect the dishonor of the bill and the subsequent impact on Ankit's accounts. It is important to record these entries accurately to maintain the financial records of the business.
A. Ankit discounts the bill with his bankers
When Ankit discounts the bill with his bankers, he receives the discounted amount from the bank and the bank charges a fee for the service. However, if the bill is dishonored, Ankit needs to make the necessary journal entries.
1. When the bill is discounted:
- Debit: Bank Account - Rs. 4,900
- Credit: Bills Receivable Account - Rs. 5,000
- Credit: Discount Received Account - Rs. 100
2. When the bill is dishonored:
- Debit: Bills Receivable Account - Rs. 5,000
- Credit: Ankit's Account - Rs. 5,000
- Debit: Bank Charges Account - Rs. 40
- Credit: Bank Account - Rs. 40
B. Ankit endorses the bill to his creditor
When Ankit endorses the bill to his creditor, Chandan, he transfers the responsibility of payment to Chandan. If the bill is dishonored, Ankit needs to make the necessary journal entries.
1. When the bill is endorsed to Chandan:
- No journal entry is required as the bill remains an asset in Ankit's books until it is paid by Chandan
2. When the bill is dishonored:
- Debit: Chandan's Account - Rs. 5,000
- Credit: Bills Receivable Account - Rs. 5,000
- Debit: Bank Charges Account - Rs. 40
- Credit: Ankit's Account - Rs. 40
These journal entries reflect the dishonor of the bill and the subsequent impact on Ankit's accounts. It is important to record these entries accurately to maintain the financial records of the business.
Community Answer
Ankit drew a bill for rs. 5000 on bakul which the later accepted. If t...
B/R dr.5000
To bakul 5000
a) Bank 4900
Discount charges 100
To B/R 5000
B 5040
To bank 5040
To bakul 5000
a) Bank 4900
Discount charges 100
To B/R 5000
B 5040
To bank 5040
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Ankit drew a bill for rs. 5000 on bakul which the later accepted. If the bill is dishonoured on due date, pass necessary journal entries in the books of ankit under following causes:- A. If the ankit discounts the bills with his bankers for rs. 4,900 and bank paid nothing charges rs. 40 B. If ankit endorse the bill to his creditor chandan and chandan paid nothing charges rs. 40?
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Ankit drew a bill for rs. 5000 on bakul which the later accepted. If the bill is dishonoured on due date, pass necessary journal entries in the books of ankit under following causes:- A. If the ankit discounts the bills with his bankers for rs. 4,900 and bank paid nothing charges rs. 40 B. If ankit endorse the bill to his creditor chandan and chandan paid nothing charges rs. 40? 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 Ankit drew a bill for rs. 5000 on bakul which the later accepted. If the bill is dishonoured on due date, pass necessary journal entries in the books of ankit under following causes:- A. If the ankit discounts the bills with his bankers for rs. 4,900 and bank paid nothing charges rs. 40 B. If ankit endorse the bill to his creditor chandan and chandan paid nothing charges rs. 40? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ankit drew a bill for rs. 5000 on bakul which the later accepted. If the bill is dishonoured on due date, pass necessary journal entries in the books of ankit under following causes:- A. If the ankit discounts the bills with his bankers for rs. 4,900 and bank paid nothing charges rs. 40 B. If ankit endorse the bill to his creditor chandan and chandan paid nothing charges rs. 40?.
Ankit drew a bill for rs. 5000 on bakul which the later accepted. If the bill is dishonoured on due date, pass necessary journal entries in the books of ankit under following causes:- A. If the ankit discounts the bills with his bankers for rs. 4,900 and bank paid nothing charges rs. 40 B. If ankit endorse the bill to his creditor chandan and chandan paid nothing charges rs. 40? 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 Ankit drew a bill for rs. 5000 on bakul which the later accepted. If the bill is dishonoured on due date, pass necessary journal entries in the books of ankit under following causes:- A. If the ankit discounts the bills with his bankers for rs. 4,900 and bank paid nothing charges rs. 40 B. If ankit endorse the bill to his creditor chandan and chandan paid nothing charges rs. 40? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ankit drew a bill for rs. 5000 on bakul which the later accepted. If the bill is dishonoured on due date, pass necessary journal entries in the books of ankit under following causes:- A. If the ankit discounts the bills with his bankers for rs. 4,900 and bank paid nothing charges rs. 40 B. If ankit endorse the bill to his creditor chandan and chandan paid nothing charges rs. 40?.
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Ankit drew a bill for rs. 5000 on bakul which the later accepted. If the bill is dishonoured on due date, pass necessary journal entries in the books of ankit under following causes:- A. If the ankit discounts the bills with his bankers for rs. 4,900 and bank paid nothing charges rs. 40 B. If ankit endorse the bill to his creditor chandan and chandan paid nothing charges rs. 40?, a detailed solution for Ankit drew a bill for rs. 5000 on bakul which the later accepted. If the bill is dishonoured on due date, pass necessary journal entries in the books of ankit under following causes:- A. If the ankit discounts the bills with his bankers for rs. 4,900 and bank paid nothing charges rs. 40 B. If ankit endorse the bill to his creditor chandan and chandan paid nothing charges rs. 40? has been provided alongside types of Ankit drew a bill for rs. 5000 on bakul which the later accepted. If the bill is dishonoured on due date, pass necessary journal entries in the books of ankit under following causes:- A. If the ankit discounts the bills with his bankers for rs. 4,900 and bank paid nothing charges rs. 40 B. If ankit endorse the bill to his creditor chandan and chandan paid nothing charges rs. 40? theory, EduRev gives you an
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