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Journalise the following transaction is the book of govindrajan and hanumanth (bill of exchange for both the parties) 1) govindrajans acceptence to hanumanth for RS.1000 renewed for 4months at 9%per annum interest 2) hanumanths acceptance to govindrajan for RS 2000 was renewed by a cheque of RS .800 and a new bill for the balance at 3 month at 9%per annum interest?
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Journalise the following transaction is the book of govindrajan and ha...
Journal Entry for Govindrajan's Acceptance to Hanumanth:
1) Govindrajan's acceptance to Hanumanth for RS.1000 renewed for 4 months at 9% per annum interest:
To record the acceptance:
Debit: Hanumanth's Account (Accounts Receivable) - RS. 1000
Credit: Bill Payable - RS. 1000
To record the interest:
Debit: Interest Expense - RS. 30 (RS. 1000 * 9% * (4/12))
Credit: Hanumanth's Account (Accounts Receivable) - RS. 30
Journal Entry:
Explanation:
- Govindrajan accepts a bill of exchange for RS. 1000 from Hanumanth, agreeing to pay the amount after 4 months.
- The acceptance is recorded by debiting Hanumanth's Account and crediting Bill Payable.
- As per the terms of the bill, interest is charged at 9% per annum. The interest expense is calculated as RS. 1000 * 9% * (4/12) = RS. 30.
- The interest expense is debited, and Hanumanth's Account is credited for the interest amount.
Journal Entry for Hanumanth's Acceptance to Govindrajan:
2) Hanumanth's acceptance to Govindrajan for RS. 2000 was renewed by a cheque of RS. 800 and a new bill for the balance at 3 months at 9% per annum interest:
To record the cheque payment:
Debit: Bank Account - RS. 800
Credit: Hanumanth's Account (Accounts Receivable) - RS. 800
To record the new bill:
Debit: Hanumanth's Account (Accounts Receivable) - RS. 1200 (RS. 2000 - RS. 800)
Credit: Bill Payable - RS. 1200
To record the interest:
Debit: Interest Expense - RS. 27 (RS. 1200 * 9%
1) Govindrajan's acceptance to Hanumanth for RS.1000 renewed for 4 months at 9% per annum interest:
To record the acceptance:
Debit: Hanumanth's Account (Accounts Receivable) - RS. 1000
Credit: Bill Payable - RS. 1000
To record the interest:
Debit: Interest Expense - RS. 30 (RS. 1000 * 9% * (4/12))
Credit: Hanumanth's Account (Accounts Receivable) - RS. 30
Journal Entry:
| Date | Account | Debit | Credit |
|---|---|---|---|
| [Date] | Hanumanth's Account | 1000 | |
| Bill Payable | 1000 | ||
| Interest Expense | 30 | ||
| Hanumanth's Account | 30 |
Explanation:
- Govindrajan accepts a bill of exchange for RS. 1000 from Hanumanth, agreeing to pay the amount after 4 months.
- The acceptance is recorded by debiting Hanumanth's Account and crediting Bill Payable.
- As per the terms of the bill, interest is charged at 9% per annum. The interest expense is calculated as RS. 1000 * 9% * (4/12) = RS. 30.
- The interest expense is debited, and Hanumanth's Account is credited for the interest amount.
Journal Entry for Hanumanth's Acceptance to Govindrajan:
2) Hanumanth's acceptance to Govindrajan for RS. 2000 was renewed by a cheque of RS. 800 and a new bill for the balance at 3 months at 9% per annum interest:
To record the cheque payment:
Debit: Bank Account - RS. 800
Credit: Hanumanth's Account (Accounts Receivable) - RS. 800
To record the new bill:
Debit: Hanumanth's Account (Accounts Receivable) - RS. 1200 (RS. 2000 - RS. 800)
Credit: Bill Payable - RS. 1200
To record the interest:
Debit: Interest Expense - RS. 27 (RS. 1200 * 9%
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Journalise the following transaction is the book of govindrajan and hanumanth (bill of exchange for both the parties) 1) govindrajans acceptence to hanumanth for RS.1000 renewed for 4months at 9%per annum interest 2) hanumanths acceptance to govindrajan for RS 2000 was renewed by a cheque of RS .800 and a new bill for the balance at 3 month at 9%per annum interest?
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Journalise the following transaction is the book of govindrajan and hanumanth (bill of exchange for both the parties) 1) govindrajans acceptence to hanumanth for RS.1000 renewed for 4months at 9%per annum interest 2) hanumanths acceptance to govindrajan for RS 2000 was renewed by a cheque of RS .800 and a new bill for the balance at 3 month at 9%per annum interest? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Journalise the following transaction is the book of govindrajan and hanumanth (bill of exchange for both the parties) 1) govindrajans acceptence to hanumanth for RS.1000 renewed for 4months at 9%per annum interest 2) hanumanths acceptance to govindrajan for RS 2000 was renewed by a cheque of RS .800 and a new bill for the balance at 3 month at 9%per annum interest? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journalise the following transaction is the book of govindrajan and hanumanth (bill of exchange for both the parties) 1) govindrajans acceptence to hanumanth for RS.1000 renewed for 4months at 9%per annum interest 2) hanumanths acceptance to govindrajan for RS 2000 was renewed by a cheque of RS .800 and a new bill for the balance at 3 month at 9%per annum interest?.
Journalise the following transaction is the book of govindrajan and hanumanth (bill of exchange for both the parties) 1) govindrajans acceptence to hanumanth for RS.1000 renewed for 4months at 9%per annum interest 2) hanumanths acceptance to govindrajan for RS 2000 was renewed by a cheque of RS .800 and a new bill for the balance at 3 month at 9%per annum interest? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Journalise the following transaction is the book of govindrajan and hanumanth (bill of exchange for both the parties) 1) govindrajans acceptence to hanumanth for RS.1000 renewed for 4months at 9%per annum interest 2) hanumanths acceptance to govindrajan for RS 2000 was renewed by a cheque of RS .800 and a new bill for the balance at 3 month at 9%per annum interest? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journalise the following transaction is the book of govindrajan and hanumanth (bill of exchange for both the parties) 1) govindrajans acceptence to hanumanth for RS.1000 renewed for 4months at 9%per annum interest 2) hanumanths acceptance to govindrajan for RS 2000 was renewed by a cheque of RS .800 and a new bill for the balance at 3 month at 9%per annum interest?.
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Journalise the following transaction is the book of govindrajan and hanumanth (bill of exchange for both the parties) 1) govindrajans acceptence to hanumanth for RS.1000 renewed for 4months at 9%per annum interest 2) hanumanths acceptance to govindrajan for RS 2000 was renewed by a cheque of RS .800 and a new bill for the balance at 3 month at 9%per annum interest?, a detailed solution for Journalise the following transaction is the book of govindrajan and hanumanth (bill of exchange for both the parties) 1) govindrajans acceptence to hanumanth for RS.1000 renewed for 4months at 9%per annum interest 2) hanumanths acceptance to govindrajan for RS 2000 was renewed by a cheque of RS .800 and a new bill for the balance at 3 month at 9%per annum interest? has been provided alongside types of Journalise the following transaction is the book of govindrajan and hanumanth (bill of exchange for both the parties) 1) govindrajans acceptence to hanumanth for RS.1000 renewed for 4months at 9%per annum interest 2) hanumanths acceptance to govindrajan for RS 2000 was renewed by a cheque of RS .800 and a new bill for the balance at 3 month at 9%per annum interest? theory, EduRev gives you an
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