Commerce Exam  >  Commerce Questions  >  Deepa sold goods to Rupa for rupees 2500 at 2... Start Learning for Free
Deepa sold goods to Rupa for rupees 2500 at 20% trade discount Rupa accepted a bill of rupees 2000 drawn by Deepa at 3 months Deepa got the bill discounted with a bank for Rs 1900 on due date bill is dishouner noting charge amount in rupees 20 Deepa paid in cash the amount due to bank on this owner of Bill Rupa paid in cash rupees 1020 with interest and remaining amount at 6% for 4 months and for the balance rupa accepted the bill for 4 months these arrangement were carried through but rupa beacme insolvent and only60% of the amount could be recoverable from her estate give journal entries in books of Rupa and Deepa?
Most Upvoted Answer
Deepa sold goods to Rupa for rupees 2500 at 20% trade discount Rupa ac...
Journal Entries in Books of Rupa and Deepa

Journal Entries in the Books of Rupa:
1. Purchase of goods from Deepa:
Debit: Purchases A/c - Rs. 2520
Credit: Deepa A/c - Rs. 2520

2. Acceptance of Bill drawn by Deepa:
Debit: Deepa A/c - Rs. 2000
Credit: Bills Payable A/c - Rs. 2000

3. Payment of Bill:
Debit: Bills Payable A/c - Rs. 2000
Debit: Interest on Bills Payable A/c - Rs. 20
Credit: Bank A/c - Rs. 1020
Credit: Deepa A/c - Rs. 1000

4. Payment of remaining amount:
Debit: Deepa A/c - Rs. 1000
Debit: Interest on Deepa A/c - Rs. 60
Credit: Bank A/c - Rs. 1060

Journal Entries in the Books of Deepa:
1. Sale of goods to Rupa:
Debit: Rupa A/c - Rs. 2520
Credit: Sales A/c - Rs. 2520

2. Drawing of Bill on Rupa:
Debit: Bills Receivable A/c - Rs. 2000
Credit: Rupa A/c - Rs. 2000

3. Discounting of Bill with Bank:
Debit: Bank A/c - Rs. 1900
Debit: Discount on Bills Receivable A/c - Rs. 100
Credit: Bills Receivable A/c - Rs. 2000

4. Receipt of payment from Bank:
Debit: Bank A/c - Rs. 2000
Credit: Bills Receivable A/c - Rs. 2000

5. Receipt of remaining amount from Rupa:
Debit: Bank A/c - Rs. 1060
Debit: Interest on Rupa A/c - Rs. 60
Credit: Rupa A/c - Rs. 1120

Explanation:

Deepa sold goods to Rupa for Rs. 2520 and gave her a bill of Rs. 2000 drawn at 3 months. Rupa accepted the bill and paid Rs. 1020 in cash on due date. The bill was then discounted with a bank for Rs. 1900. The noting charge of Rs. 20 was paid by Deepa in cash. The remaining amount of Rs. 1000 was paid by Deepa to the bank in cash.

Rupa paid the remaining amount of Rs. 1120 to Deepa with interest of Rs. 60. The journal entries in the books of Rupa and Deepa have been given above. The entries in the books of Rupa show the purchase of goods, acceptance of bill, payment of bill, and payment of remaining amount. The entries in the books of Deepa show the sale of goods, drawing of bill, discounting of bill, receipt of payment from bank, and receipt of remaining amount from Rupa.

In conclusion, the above journal entries show the transactions between Rupa and Deepa and how they were recorded in their respective books.
Attention Commerce Students!
To make sure you are not studying endlessly, EduRev has designed Commerce study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Commerce.
Explore Courses for Commerce exam

Similar Commerce Doubts

Top Courses for Commerce

Deepa sold goods to Rupa for rupees 2500 at 20% trade discount Rupa accepted a bill of rupees 2000 drawn by Deepa at 3 months Deepa got the bill discounted with a bank for Rs 1900 on due date bill is dishouner noting charge amount in rupees 20 Deepa paid in cash the amount due to bank on this owner of Bill Rupa paid in cash rupees 1020 with interest and remaining amount at 6% for 4 months and for the balance rupa accepted the bill for 4 months these arrangement were carried through but rupa beacme insolvent and only60% of the amount could be recoverable from her estate give journal entries in books of Rupa and Deepa?
Question Description
Deepa sold goods to Rupa for rupees 2500 at 20% trade discount Rupa accepted a bill of rupees 2000 drawn by Deepa at 3 months Deepa got the bill discounted with a bank for Rs 1900 on due date bill is dishouner noting charge amount in rupees 20 Deepa paid in cash the amount due to bank on this owner of Bill Rupa paid in cash rupees 1020 with interest and remaining amount at 6% for 4 months and for the balance rupa accepted the bill for 4 months these arrangement were carried through but rupa beacme insolvent and only60% of the amount could be recoverable from her estate give journal entries in books of Rupa and Deepa? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Deepa sold goods to Rupa for rupees 2500 at 20% trade discount Rupa accepted a bill of rupees 2000 drawn by Deepa at 3 months Deepa got the bill discounted with a bank for Rs 1900 on due date bill is dishouner noting charge amount in rupees 20 Deepa paid in cash the amount due to bank on this owner of Bill Rupa paid in cash rupees 1020 with interest and remaining amount at 6% for 4 months and for the balance rupa accepted the bill for 4 months these arrangement were carried through but rupa beacme insolvent and only60% of the amount could be recoverable from her estate give journal entries in books of Rupa and Deepa? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Deepa sold goods to Rupa for rupees 2500 at 20% trade discount Rupa accepted a bill of rupees 2000 drawn by Deepa at 3 months Deepa got the bill discounted with a bank for Rs 1900 on due date bill is dishouner noting charge amount in rupees 20 Deepa paid in cash the amount due to bank on this owner of Bill Rupa paid in cash rupees 1020 with interest and remaining amount at 6% for 4 months and for the balance rupa accepted the bill for 4 months these arrangement were carried through but rupa beacme insolvent and only60% of the amount could be recoverable from her estate give journal entries in books of Rupa and Deepa?.
Solutions for Deepa sold goods to Rupa for rupees 2500 at 20% trade discount Rupa accepted a bill of rupees 2000 drawn by Deepa at 3 months Deepa got the bill discounted with a bank for Rs 1900 on due date bill is dishouner noting charge amount in rupees 20 Deepa paid in cash the amount due to bank on this owner of Bill Rupa paid in cash rupees 1020 with interest and remaining amount at 6% for 4 months and for the balance rupa accepted the bill for 4 months these arrangement were carried through but rupa beacme insolvent and only60% of the amount could be recoverable from her estate give journal entries in books of Rupa and Deepa? 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 Deepa sold goods to Rupa for rupees 2500 at 20% trade discount Rupa accepted a bill of rupees 2000 drawn by Deepa at 3 months Deepa got the bill discounted with a bank for Rs 1900 on due date bill is dishouner noting charge amount in rupees 20 Deepa paid in cash the amount due to bank on this owner of Bill Rupa paid in cash rupees 1020 with interest and remaining amount at 6% for 4 months and for the balance rupa accepted the bill for 4 months these arrangement were carried through but rupa beacme insolvent and only60% of the amount could be recoverable from her estate give journal entries in books of Rupa and Deepa? defined & explained in the simplest way possible. Besides giving the explanation of Deepa sold goods to Rupa for rupees 2500 at 20% trade discount Rupa accepted a bill of rupees 2000 drawn by Deepa at 3 months Deepa got the bill discounted with a bank for Rs 1900 on due date bill is dishouner noting charge amount in rupees 20 Deepa paid in cash the amount due to bank on this owner of Bill Rupa paid in cash rupees 1020 with interest and remaining amount at 6% for 4 months and for the balance rupa accepted the bill for 4 months these arrangement were carried through but rupa beacme insolvent and only60% of the amount could be recoverable from her estate give journal entries in books of Rupa and Deepa?, a detailed solution for Deepa sold goods to Rupa for rupees 2500 at 20% trade discount Rupa accepted a bill of rupees 2000 drawn by Deepa at 3 months Deepa got the bill discounted with a bank for Rs 1900 on due date bill is dishouner noting charge amount in rupees 20 Deepa paid in cash the amount due to bank on this owner of Bill Rupa paid in cash rupees 1020 with interest and remaining amount at 6% for 4 months and for the balance rupa accepted the bill for 4 months these arrangement were carried through but rupa beacme insolvent and only60% of the amount could be recoverable from her estate give journal entries in books of Rupa and Deepa? has been provided alongside types of Deepa sold goods to Rupa for rupees 2500 at 20% trade discount Rupa accepted a bill of rupees 2000 drawn by Deepa at 3 months Deepa got the bill discounted with a bank for Rs 1900 on due date bill is dishouner noting charge amount in rupees 20 Deepa paid in cash the amount due to bank on this owner of Bill Rupa paid in cash rupees 1020 with interest and remaining amount at 6% for 4 months and for the balance rupa accepted the bill for 4 months these arrangement were carried through but rupa beacme insolvent and only60% of the amount could be recoverable from her estate give journal entries in books of Rupa and Deepa? theory, EduRev gives you an ample number of questions to practice Deepa sold goods to Rupa for rupees 2500 at 20% trade discount Rupa accepted a bill of rupees 2000 drawn by Deepa at 3 months Deepa got the bill discounted with a bank for Rs 1900 on due date bill is dishouner noting charge amount in rupees 20 Deepa paid in cash the amount due to bank on this owner of Bill Rupa paid in cash rupees 1020 with interest and remaining amount at 6% for 4 months and for the balance rupa accepted the bill for 4 months these arrangement were carried through but rupa beacme insolvent and only60% of the amount could be recoverable from her estate give journal entries in books of Rupa and Deepa? tests, examples and also practice Commerce tests.
Explore Courses for Commerce exam

Top Courses for Commerce

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev