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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.
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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?.
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. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
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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