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X draws on Y a bill of exchange for 71,50,000/- on 1 April, 2019 for 3 months. Y accepts the bill and send it to X who gets it discounted for 1.47.000/- X immediately remits 7 49,000/- to Y. On the due date. X being unable to remit the amount due, accepts a bill for 2.10,000/- for three months which is discounted by Y for 2.05,500/- Y sends 37.000/- to X. Before the maturity of the bill X becomes bankrupt, his estate paying fifty paise in a rupee Give the Journal Entries in the books of X and Y?
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X draws on Y a bill of exchange for 71,50,000/- on 1 April, 2019 for 3...
Journal Entries in the Books of X and Y
Bill of Exchange Drawn on Y by X
- X: Debit 71,50,000
- Y: Credit 71,50,000
Acceptance of Bill of Exchange by Y and Sending it to X
- Y: Debit 71,50,000
- X: Credit 71,50,000
Discounting of Bill of Exchange by X
- Bank: Debit 71,03,000
- Discount Received Account: Debit 1,47,000
- X: Credit 71,50,000
Remittance of Amount Due by X to Y
- Y: Debit 7,49,000
- Bank: Credit 7,49,000
Acceptance of Second Bill of Exchange by X and Discounting by Y
- Y: Debit 2,10,000
- Discount Account: Debit 2,05,500
- X: Credit 2,10,000
Remittance of Amount Due by Y to X
- X: Debit 37,000
- Bank: Credit 37,000
Bankruptcy of X
- X: Debit 71,50,000 (due on first bill)
- X: Debit 2,10,000 (due on second bill)
- Bankruptcy Account: Credit 73,60,000
Explanation
X draws a bill of exchange for 71,50,000/- on Y on 1 April, 2019 for 3 months. Y accepts the bill and sends it to X. X gets it discounted for 1.47.000/- and immediately remits 7,49,000/- to Y. On the due date, X is unable to remit the amount due, so he accepts a bill for 2.10,000/- for three months which is discounted by Y for 2.05,500/- Y sends 37,000/- to X. Before the maturity of the bill X becomes bankrupt, his estate paying fifty paise in a rupee.
The above-described transactions can be recorded in the books of X and Y using journal entries. In the books of X, the bill of exchange drawn on Y is debited, and in the books of Y, it is credited. When Y accepts the bill and sends it to X, the entries are reversed. When X discounts the bill, the bank account and discount received account are debited, and X's account is credited. When X remits the amount due to Y, Y's account is debited, and the bank account is credited. When X accepts the second bill of exchange, Y's account is debited, the discount account is debited, and X's account is credited. When Y remits the amount due to X, X's account is debited, and the bank account is credited. When X becomes bankrupt, his accounts are debited, and the bankruptcy account is credited.
Bill of Exchange Drawn on Y by X
- X: Debit 71,50,000
- Y: Credit 71,50,000
Acceptance of Bill of Exchange by Y and Sending it to X
- Y: Debit 71,50,000
- X: Credit 71,50,000
Discounting of Bill of Exchange by X
- Bank: Debit 71,03,000
- Discount Received Account: Debit 1,47,000
- X: Credit 71,50,000
Remittance of Amount Due by X to Y
- Y: Debit 7,49,000
- Bank: Credit 7,49,000
Acceptance of Second Bill of Exchange by X and Discounting by Y
- Y: Debit 2,10,000
- Discount Account: Debit 2,05,500
- X: Credit 2,10,000
Remittance of Amount Due by Y to X
- X: Debit 37,000
- Bank: Credit 37,000
Bankruptcy of X
- X: Debit 71,50,000 (due on first bill)
- X: Debit 2,10,000 (due on second bill)
- Bankruptcy Account: Credit 73,60,000
Explanation
X draws a bill of exchange for 71,50,000/- on Y on 1 April, 2019 for 3 months. Y accepts the bill and sends it to X. X gets it discounted for 1.47.000/- and immediately remits 7,49,000/- to Y. On the due date, X is unable to remit the amount due, so he accepts a bill for 2.10,000/- for three months which is discounted by Y for 2.05,500/- Y sends 37,000/- to X. Before the maturity of the bill X becomes bankrupt, his estate paying fifty paise in a rupee.
The above-described transactions can be recorded in the books of X and Y using journal entries. In the books of X, the bill of exchange drawn on Y is debited, and in the books of Y, it is credited. When Y accepts the bill and sends it to X, the entries are reversed. When X discounts the bill, the bank account and discount received account are debited, and X's account is credited. When X remits the amount due to Y, Y's account is debited, and the bank account is credited. When X accepts the second bill of exchange, Y's account is debited, the discount account is debited, and X's account is credited. When Y remits the amount due to X, X's account is debited, and the bank account is credited. When X becomes bankrupt, his accounts are debited, and the bankruptcy account is credited.
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X draws on Y a bill of exchange for 71,50,000/- on 1 April, 2019 for 3 months. Y accepts the bill and send it to X who gets it discounted for 1.47.000/- X immediately remits 7 49,000/- to Y. On the due date. X being unable to remit the amount due, accepts a bill for 2.10,000/- for three months which is discounted by Y for 2.05,500/- Y sends 37.000/- to X. Before the maturity of the bill X becomes bankrupt, his estate paying fifty paise in a rupee Give the Journal Entries in the books of X and Y?
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X draws on Y a bill of exchange for 71,50,000/- on 1 April, 2019 for 3 months. Y accepts the bill and send it to X who gets it discounted for 1.47.000/- X immediately remits 7 49,000/- to Y. On the due date. X being unable to remit the amount due, accepts a bill for 2.10,000/- for three months which is discounted by Y for 2.05,500/- Y sends 37.000/- to X. Before the maturity of the bill X becomes bankrupt, his estate paying fifty paise in a rupee Give the Journal Entries in the books of X and Y? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about X draws on Y a bill of exchange for 71,50,000/- on 1 April, 2019 for 3 months. Y accepts the bill and send it to X who gets it discounted for 1.47.000/- X immediately remits 7 49,000/- to Y. On the due date. X being unable to remit the amount due, accepts a bill for 2.10,000/- for three months which is discounted by Y for 2.05,500/- Y sends 37.000/- to X. Before the maturity of the bill X becomes bankrupt, his estate paying fifty paise in a rupee Give the Journal Entries in the books of X and Y? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X draws on Y a bill of exchange for 71,50,000/- on 1 April, 2019 for 3 months. Y accepts the bill and send it to X who gets it discounted for 1.47.000/- X immediately remits 7 49,000/- to Y. On the due date. X being unable to remit the amount due, accepts a bill for 2.10,000/- for three months which is discounted by Y for 2.05,500/- Y sends 37.000/- to X. Before the maturity of the bill X becomes bankrupt, his estate paying fifty paise in a rupee Give the Journal Entries in the books of X and Y?.
X draws on Y a bill of exchange for 71,50,000/- on 1 April, 2019 for 3 months. Y accepts the bill and send it to X who gets it discounted for 1.47.000/- X immediately remits 7 49,000/- to Y. On the due date. X being unable to remit the amount due, accepts a bill for 2.10,000/- for three months which is discounted by Y for 2.05,500/- Y sends 37.000/- to X. Before the maturity of the bill X becomes bankrupt, his estate paying fifty paise in a rupee Give the Journal Entries in the books of X and Y? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about X draws on Y a bill of exchange for 71,50,000/- on 1 April, 2019 for 3 months. Y accepts the bill and send it to X who gets it discounted for 1.47.000/- X immediately remits 7 49,000/- to Y. On the due date. X being unable to remit the amount due, accepts a bill for 2.10,000/- for three months which is discounted by Y for 2.05,500/- Y sends 37.000/- to X. Before the maturity of the bill X becomes bankrupt, his estate paying fifty paise in a rupee Give the Journal Entries in the books of X and Y? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X draws on Y a bill of exchange for 71,50,000/- on 1 April, 2019 for 3 months. Y accepts the bill and send it to X who gets it discounted for 1.47.000/- X immediately remits 7 49,000/- to Y. On the due date. X being unable to remit the amount due, accepts a bill for 2.10,000/- for three months which is discounted by Y for 2.05,500/- Y sends 37.000/- to X. Before the maturity of the bill X becomes bankrupt, his estate paying fifty paise in a rupee Give the Journal Entries in the books of X and Y?.
Solutions for X draws on Y a bill of exchange for 71,50,000/- on 1 April, 2019 for 3 months. Y accepts the bill and send it to X who gets it discounted for 1.47.000/- X immediately remits 7 49,000/- to Y. On the due date. X being unable to remit the amount due, accepts a bill for 2.10,000/- for three months which is discounted by Y for 2.05,500/- Y sends 37.000/- to X. Before the maturity of the bill X becomes bankrupt, his estate paying fifty paise in a rupee Give the Journal Entries in the books of X and Y? in English & in Hindi are available as part of our courses for CA Foundation.
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Here you can find the meaning of X draws on Y a bill of exchange for 71,50,000/- on 1 April, 2019 for 3 months. Y accepts the bill and send it to X who gets it discounted for 1.47.000/- X immediately remits 7 49,000/- to Y. On the due date. X being unable to remit the amount due, accepts a bill for 2.10,000/- for three months which is discounted by Y for 2.05,500/- Y sends 37.000/- to X. Before the maturity of the bill X becomes bankrupt, his estate paying fifty paise in a rupee Give the Journal Entries in the books of X and Y? defined & explained in the simplest way possible. Besides giving the explanation of
X draws on Y a bill of exchange for 71,50,000/- on 1 April, 2019 for 3 months. Y accepts the bill and send it to X who gets it discounted for 1.47.000/- X immediately remits 7 49,000/- to Y. On the due date. X being unable to remit the amount due, accepts a bill for 2.10,000/- for three months which is discounted by Y for 2.05,500/- Y sends 37.000/- to X. Before the maturity of the bill X becomes bankrupt, his estate paying fifty paise in a rupee Give the Journal Entries in the books of X and Y?, a detailed solution for X draws on Y a bill of exchange for 71,50,000/- on 1 April, 2019 for 3 months. Y accepts the bill and send it to X who gets it discounted for 1.47.000/- X immediately remits 7 49,000/- to Y. On the due date. X being unable to remit the amount due, accepts a bill for 2.10,000/- for three months which is discounted by Y for 2.05,500/- Y sends 37.000/- to X. Before the maturity of the bill X becomes bankrupt, his estate paying fifty paise in a rupee Give the Journal Entries in the books of X and Y? has been provided alongside types of X draws on Y a bill of exchange for 71,50,000/- on 1 April, 2019 for 3 months. Y accepts the bill and send it to X who gets it discounted for 1.47.000/- X immediately remits 7 49,000/- to Y. On the due date. X being unable to remit the amount due, accepts a bill for 2.10,000/- for three months which is discounted by Y for 2.05,500/- Y sends 37.000/- to X. Before the maturity of the bill X becomes bankrupt, his estate paying fifty paise in a rupee Give the Journal Entries in the books of X and Y? theory, EduRev gives you an
ample number of questions to practice X draws on Y a bill of exchange for 71,50,000/- on 1 April, 2019 for 3 months. Y accepts the bill and send it to X who gets it discounted for 1.47.000/- X immediately remits 7 49,000/- to Y. On the due date. X being unable to remit the amount due, accepts a bill for 2.10,000/- for three months which is discounted by Y for 2.05,500/- Y sends 37.000/- to X. Before the maturity of the bill X becomes bankrupt, his estate paying fifty paise in a rupee Give the Journal Entries in the books of X and Y? tests, examples and also practice CA Foundation tests.
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