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Rocky soul goods to vicky for Rs 20000 at 20% trade discount Wikipedia half of the amount in cash at 10% cash discount and for the balanced accepted a bill payable after 4 months after a month Rocky discounted the bill with his bank at 10% Pa noting charge rupees 50 was paid on the durate wiki Dishonored his acceptance vicky 4050 to Rocky and acceptance a fresh bill for a month for the balance including interest at 6% pa Wiki became in solvent not in charges in cut rupees 20 on the dishonoured second bill and only 50 paise and rupee were received from vicky as first and final dividend from his state was general entries in the books of Rocky and show Rocky account in vicky ledger?
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Rocky soul goods to vicky for Rs 20000 at 20% trade discount Wikipedia...
Journal Entries for Rocky and Vicky's Transaction
Sales Transaction:
When Rocky sold goods to Vicky for Rs 20,000 at a 20% trade discount, the journal entry passed by Rocky will be:
Sales Account Dr. 24,000 (20,000 + 20% of 20,000)
Trade Discount Account Dr. 4,000
To Vicky Account 20,000
Cash Discount Transaction:
When Vicky paid half of the amount in cash at a 10% cash discount, the journal entry passed by Vicky will be:
Cash Account Dr. 9,000 (10,000 - 10% of 10,000)
Discount Received Account Dr. 1,000
To Rocky Account 10,000
Bill Payable Transaction:
When Vicky accepted a bill payable after 4 months for the balance, the journal entry passed by Vicky will be:
Rocky Account Dr. 7,000 (10,000 - 3,000)
To Bill Payable Account 7,000
Discounting Bill Transaction:
When Rocky discounted the bill with his bank at 10% PA noting charge Rs. 50, the journal entry passed by Rocky will be:
Bank Account Dr. 6,450 (7,000 - 10% of 7,000 - Rs. 50)
Discounting Charges Account Dr. 50
To Bill Payable Account 7,000
Dishonored Acceptance Transaction:
When Vicky dishonored his acceptance, the journal entry passed by Vicky will be:
Rocky Account Dr. 4,050
To Vicky Account 4,050
Fresh Bill Transaction:
When Vicky accepted a fresh bill for a month for the balance including interest at 6%, the journal entry passed by Vicky will be:
Bill Payable Account Dr. 4,262.50 (4,050 + 6% of 4,050)
Interest Account Dr. 212.50 (6% of 4,050)
To Rocky Account 4,475
Explanation:
In this transaction, Rocky sold goods to Vicky for Rs. 20,000 at a 20% trade discount. Vicky paid half of the amount in cash at a 10% cash discount. For the balance, Vicky accepted a bill payable after 4 months. After a month, Rocky discounted the bill with his bank at 10% PA noting charge Rs. 50. But, Vicky dishonored his acceptance. So, he paid Rs. 4,050 to Rocky. Then, Vicky accepted a fresh bill for a month for the balance including interest at 6%.
Sales Transaction:
When Rocky sold goods to Vicky for Rs 20,000 at a 20% trade discount, the journal entry passed by Rocky will be:
Sales Account Dr. 24,000 (20,000 + 20% of 20,000)
Trade Discount Account Dr. 4,000
To Vicky Account 20,000
Cash Discount Transaction:
When Vicky paid half of the amount in cash at a 10% cash discount, the journal entry passed by Vicky will be:
Cash Account Dr. 9,000 (10,000 - 10% of 10,000)
Discount Received Account Dr. 1,000
To Rocky Account 10,000
Bill Payable Transaction:
When Vicky accepted a bill payable after 4 months for the balance, the journal entry passed by Vicky will be:
Rocky Account Dr. 7,000 (10,000 - 3,000)
To Bill Payable Account 7,000
Discounting Bill Transaction:
When Rocky discounted the bill with his bank at 10% PA noting charge Rs. 50, the journal entry passed by Rocky will be:
Bank Account Dr. 6,450 (7,000 - 10% of 7,000 - Rs. 50)
Discounting Charges Account Dr. 50
To Bill Payable Account 7,000
Dishonored Acceptance Transaction:
When Vicky dishonored his acceptance, the journal entry passed by Vicky will be:
Rocky Account Dr. 4,050
To Vicky Account 4,050
Fresh Bill Transaction:
When Vicky accepted a fresh bill for a month for the balance including interest at 6%, the journal entry passed by Vicky will be:
Bill Payable Account Dr. 4,262.50 (4,050 + 6% of 4,050)
Interest Account Dr. 212.50 (6% of 4,050)
To Rocky Account 4,475
Explanation:
In this transaction, Rocky sold goods to Vicky for Rs. 20,000 at a 20% trade discount. Vicky paid half of the amount in cash at a 10% cash discount. For the balance, Vicky accepted a bill payable after 4 months. After a month, Rocky discounted the bill with his bank at 10% PA noting charge Rs. 50. But, Vicky dishonored his acceptance. So, he paid Rs. 4,050 to Rocky. Then, Vicky accepted a fresh bill for a month for the balance including interest at 6%.
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Rocky soul goods to vicky for Rs 20000 at 20% trade discount Wikipedia half of the amount in cash at 10% cash discount and for the balanced accepted a bill payable after 4 months after a month Rocky discounted the bill with his bank at 10% Pa noting charge rupees 50 was paid on the durate wiki Dishonored his acceptance vicky 4050 to Rocky and acceptance a fresh bill for a month for the balance including interest at 6% pa Wiki became in solvent not in charges in cut rupees 20 on the dishonoured second bill and only 50 paise and rupee were received from vicky as first and final dividend from his state was general entries in the books of Rocky and show Rocky account in vicky ledger?
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Rocky soul goods to vicky for Rs 20000 at 20% trade discount Wikipedia half of the amount in cash at 10% cash discount and for the balanced accepted a bill payable after 4 months after a month Rocky discounted the bill with his bank at 10% Pa noting charge rupees 50 was paid on the durate wiki Dishonored his acceptance vicky 4050 to Rocky and acceptance a fresh bill for a month for the balance including interest at 6% pa Wiki became in solvent not in charges in cut rupees 20 on the dishonoured second bill and only 50 paise and rupee were received from vicky as first and final dividend from his state was general entries in the books of Rocky and show Rocky account in vicky ledger? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Rocky soul goods to vicky for Rs 20000 at 20% trade discount Wikipedia half of the amount in cash at 10% cash discount and for the balanced accepted a bill payable after 4 months after a month Rocky discounted the bill with his bank at 10% Pa noting charge rupees 50 was paid on the durate wiki Dishonored his acceptance vicky 4050 to Rocky and acceptance a fresh bill for a month for the balance including interest at 6% pa Wiki became in solvent not in charges in cut rupees 20 on the dishonoured second bill and only 50 paise and rupee were received from vicky as first and final dividend from his state was general entries in the books of Rocky and show Rocky account in vicky ledger? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rocky soul goods to vicky for Rs 20000 at 20% trade discount Wikipedia half of the amount in cash at 10% cash discount and for the balanced accepted a bill payable after 4 months after a month Rocky discounted the bill with his bank at 10% Pa noting charge rupees 50 was paid on the durate wiki Dishonored his acceptance vicky 4050 to Rocky and acceptance a fresh bill for a month for the balance including interest at 6% pa Wiki became in solvent not in charges in cut rupees 20 on the dishonoured second bill and only 50 paise and rupee were received from vicky as first and final dividend from his state was general entries in the books of Rocky and show Rocky account in vicky ledger?.
Rocky soul goods to vicky for Rs 20000 at 20% trade discount Wikipedia half of the amount in cash at 10% cash discount and for the balanced accepted a bill payable after 4 months after a month Rocky discounted the bill with his bank at 10% Pa noting charge rupees 50 was paid on the durate wiki Dishonored his acceptance vicky 4050 to Rocky and acceptance a fresh bill for a month for the balance including interest at 6% pa Wiki became in solvent not in charges in cut rupees 20 on the dishonoured second bill and only 50 paise and rupee were received from vicky as first and final dividend from his state was general entries in the books of Rocky and show Rocky account in vicky ledger? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Rocky soul goods to vicky for Rs 20000 at 20% trade discount Wikipedia half of the amount in cash at 10% cash discount and for the balanced accepted a bill payable after 4 months after a month Rocky discounted the bill with his bank at 10% Pa noting charge rupees 50 was paid on the durate wiki Dishonored his acceptance vicky 4050 to Rocky and acceptance a fresh bill for a month for the balance including interest at 6% pa Wiki became in solvent not in charges in cut rupees 20 on the dishonoured second bill and only 50 paise and rupee were received from vicky as first and final dividend from his state was general entries in the books of Rocky and show Rocky account in vicky ledger? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rocky soul goods to vicky for Rs 20000 at 20% trade discount Wikipedia half of the amount in cash at 10% cash discount and for the balanced accepted a bill payable after 4 months after a month Rocky discounted the bill with his bank at 10% Pa noting charge rupees 50 was paid on the durate wiki Dishonored his acceptance vicky 4050 to Rocky and acceptance a fresh bill for a month for the balance including interest at 6% pa Wiki became in solvent not in charges in cut rupees 20 on the dishonoured second bill and only 50 paise and rupee were received from vicky as first and final dividend from his state was general entries in the books of Rocky and show Rocky account in vicky ledger?.
Solutions for Rocky soul goods to vicky for Rs 20000 at 20% trade discount Wikipedia half of the amount in cash at 10% cash discount and for the balanced accepted a bill payable after 4 months after a month Rocky discounted the bill with his bank at 10% Pa noting charge rupees 50 was paid on the durate wiki Dishonored his acceptance vicky 4050 to Rocky and acceptance a fresh bill for a month for the balance including interest at 6% pa Wiki became in solvent not in charges in cut rupees 20 on the dishonoured second bill and only 50 paise and rupee were received from vicky as first and final dividend from his state was general entries in the books of Rocky and show Rocky account in vicky ledger? in English & in Hindi are available as part of our courses for Commerce.
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