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X sold goods to y valued at rupees 4000 plus IGST @12% taking therefore, a bill at three month. X discounted the bill@5% per annum with the banker. At maturity, the bill was returned by bankers Dishonored with rupees 10 as expenses why paid rupees 1000 and also paid for the expenses and gave to X any other bill at 3 months for rupees 3000 Plus 6% per annum interest the bill was met on maturity make a necessary entries in X's journal?
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X sold goods to y valued at rupees 4000 plus IGST @12% taking therefor...
X's Journal Entries
To record the sale of goods to Y:
Date: [Date of the sale]
Account: Y's Account (Debtor)
Debit: Rupees 4,000
Account: Sales Account (Revenue)
Credit: Rupees 4,000
To record the discounting of the bill with the banker:
Date: [Date of discounting]
Account: Bank Account
Debit: Rupees [Bill amount - Discount]
Account: Discount Account
Debit: Rupees [Discount]
Account: Y's Account (Debtor)
Credit: Rupees [Bill amount]
To record the dishonored bill and expenses paid:
Date: [Date of dishonor]
Account: Dishonored Bills Account
Debit: Rupees [Bill amount]
Account: Expenses Account
Debit: Rupees 10
Account: Bank Account
Credit: Rupees 1,010
To record the payment made for expenses:
Date: [Date of payment]
Account: Expenses Account
Debit: Rupees 10
Account: Bank Account
Credit: Rupees 10
To record the new bill received:
Date: [Date of receiving the new bill]
Account: Bills Receivable Account
Debit: Rupees 3,000
Account: Interest Account
Debit: Rupees [Interest]
Account: Y's Account (Debtor)
Credit: Rupees 3,000
Account: Interest Account
Credit: Rupees [Interest]
To record the payment received on the new bill at maturity:
Date: [Date of maturity]
Account: Bank Account
Debit: Rupees [Bill amount + Interest]
Account: Bills Receivable Account
Credit: Rupees [Bill amount]
Account: Interest Account
Credit: Rupees [Interest]
Explanation:
1. Sale of Goods to Y: X sold goods to Y valued at Rupees 4,000. This transaction increases X's accounts receivable (Y's Account) and revenue (Sales Account).
2. Discounting the Bill: X discounts the bill with the banker at 5% per annum. The bill amount is debited to Bank Account, and the discount amount is debited to the Discount Account. Y's Account is credited for the bill amount.
3. Dishonored Bill and Expenses Paid: The bill is returned by the bankers dishonored, and expenses of Rupees 10 are incurred. The dishonored bill amount is debited to the Dishonored Bills Account, and expenses are debited to the Expenses Account. The total amount paid (bill amount + expenses) is credited to the Bank Account.
To record the sale of goods to Y:
Date: [Date of the sale]
Account: Y's Account (Debtor)
Debit: Rupees 4,000
Account: Sales Account (Revenue)
Credit: Rupees 4,000
To record the discounting of the bill with the banker:
Date: [Date of discounting]
Account: Bank Account
Debit: Rupees [Bill amount - Discount]
Account: Discount Account
Debit: Rupees [Discount]
Account: Y's Account (Debtor)
Credit: Rupees [Bill amount]
To record the dishonored bill and expenses paid:
Date: [Date of dishonor]
Account: Dishonored Bills Account
Debit: Rupees [Bill amount]
Account: Expenses Account
Debit: Rupees 10
Account: Bank Account
Credit: Rupees 1,010
To record the payment made for expenses:
Date: [Date of payment]
Account: Expenses Account
Debit: Rupees 10
Account: Bank Account
Credit: Rupees 10
To record the new bill received:
Date: [Date of receiving the new bill]
Account: Bills Receivable Account
Debit: Rupees 3,000
Account: Interest Account
Debit: Rupees [Interest]
Account: Y's Account (Debtor)
Credit: Rupees 3,000
Account: Interest Account
Credit: Rupees [Interest]
To record the payment received on the new bill at maturity:
Date: [Date of maturity]
Account: Bank Account
Debit: Rupees [Bill amount + Interest]
Account: Bills Receivable Account
Credit: Rupees [Bill amount]
Account: Interest Account
Credit: Rupees [Interest]
Explanation:
1. Sale of Goods to Y: X sold goods to Y valued at Rupees 4,000. This transaction increases X's accounts receivable (Y's Account) and revenue (Sales Account).
2. Discounting the Bill: X discounts the bill with the banker at 5% per annum. The bill amount is debited to Bank Account, and the discount amount is debited to the Discount Account. Y's Account is credited for the bill amount.
3. Dishonored Bill and Expenses Paid: The bill is returned by the bankers dishonored, and expenses of Rupees 10 are incurred. The dishonored bill amount is debited to the Dishonored Bills Account, and expenses are debited to the Expenses Account. The total amount paid (bill amount + expenses) is credited to the Bank Account.
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X sold goods to y valued at rupees 4000 plus IGST @12% taking therefore, a bill at three month. X discounted the bill@5% per annum with the banker. At maturity, the bill was returned by bankers Dishonored with rupees 10 as expenses why paid rupees 1000 and also paid for the expenses and gave to X any other bill at 3 months for rupees 3000 Plus 6% per annum interest the bill was met on maturity make a necessary entries in X's journal?
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X sold goods to y valued at rupees 4000 plus IGST @12% taking therefore, a bill at three month. X discounted the bill@5% per annum with the banker. At maturity, the bill was returned by bankers Dishonored with rupees 10 as expenses why paid rupees 1000 and also paid for the expenses and gave to X any other bill at 3 months for rupees 3000 Plus 6% per annum interest the bill was met on maturity make a necessary entries in X's journal? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about X sold goods to y valued at rupees 4000 plus IGST @12% taking therefore, a bill at three month. X discounted the bill@5% per annum with the banker. At maturity, the bill was returned by bankers Dishonored with rupees 10 as expenses why paid rupees 1000 and also paid for the expenses and gave to X any other bill at 3 months for rupees 3000 Plus 6% per annum interest the bill was met on maturity make a necessary entries in X's journal? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X sold goods to y valued at rupees 4000 plus IGST @12% taking therefore, a bill at three month. X discounted the bill@5% per annum with the banker. At maturity, the bill was returned by bankers Dishonored with rupees 10 as expenses why paid rupees 1000 and also paid for the expenses and gave to X any other bill at 3 months for rupees 3000 Plus 6% per annum interest the bill was met on maturity make a necessary entries in X's journal?.
X sold goods to y valued at rupees 4000 plus IGST @12% taking therefore, a bill at three month. X discounted the bill@5% per annum with the banker. At maturity, the bill was returned by bankers Dishonored with rupees 10 as expenses why paid rupees 1000 and also paid for the expenses and gave to X any other bill at 3 months for rupees 3000 Plus 6% per annum interest the bill was met on maturity make a necessary entries in X's journal? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about X sold goods to y valued at rupees 4000 plus IGST @12% taking therefore, a bill at three month. X discounted the bill@5% per annum with the banker. At maturity, the bill was returned by bankers Dishonored with rupees 10 as expenses why paid rupees 1000 and also paid for the expenses and gave to X any other bill at 3 months for rupees 3000 Plus 6% per annum interest the bill was met on maturity make a necessary entries in X's journal? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X sold goods to y valued at rupees 4000 plus IGST @12% taking therefore, a bill at three month. X discounted the bill@5% per annum with the banker. At maturity, the bill was returned by bankers Dishonored with rupees 10 as expenses why paid rupees 1000 and also paid for the expenses and gave to X any other bill at 3 months for rupees 3000 Plus 6% per annum interest the bill was met on maturity make a necessary entries in X's journal?.
Solutions for X sold goods to y valued at rupees 4000 plus IGST @12% taking therefore, a bill at three month. X discounted the bill@5% per annum with the banker. At maturity, the bill was returned by bankers Dishonored with rupees 10 as expenses why paid rupees 1000 and also paid for the expenses and gave to X any other bill at 3 months for rupees 3000 Plus 6% per annum interest the bill was met on maturity make a necessary entries in X's journal? in English & in Hindi are available as part of our courses for Commerce.
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X sold goods to y valued at rupees 4000 plus IGST @12% taking therefore, a bill at three month. X discounted the bill@5% per annum with the banker. At maturity, the bill was returned by bankers Dishonored with rupees 10 as expenses why paid rupees 1000 and also paid for the expenses and gave to X any other bill at 3 months for rupees 3000 Plus 6% per annum interest the bill was met on maturity make a necessary entries in X's journal?, a detailed solution for X sold goods to y valued at rupees 4000 plus IGST @12% taking therefore, a bill at three month. X discounted the bill@5% per annum with the banker. At maturity, the bill was returned by bankers Dishonored with rupees 10 as expenses why paid rupees 1000 and also paid for the expenses and gave to X any other bill at 3 months for rupees 3000 Plus 6% per annum interest the bill was met on maturity make a necessary entries in X's journal? has been provided alongside types of X sold goods to y valued at rupees 4000 plus IGST @12% taking therefore, a bill at three month. X discounted the bill@5% per annum with the banker. At maturity, the bill was returned by bankers Dishonored with rupees 10 as expenses why paid rupees 1000 and also paid for the expenses and gave to X any other bill at 3 months for rupees 3000 Plus 6% per annum interest the bill was met on maturity make a necessary entries in X's journal? theory, EduRev gives you an
ample number of questions to practice X sold goods to y valued at rupees 4000 plus IGST @12% taking therefore, a bill at three month. X discounted the bill@5% per annum with the banker. At maturity, the bill was returned by bankers Dishonored with rupees 10 as expenses why paid rupees 1000 and also paid for the expenses and gave to X any other bill at 3 months for rupees 3000 Plus 6% per annum interest the bill was met on maturity make a necessary entries in X's journal? tests, examples and also practice Commerce tests.
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