CA Foundation Exam > CA Foundation Questions > It draws a bill of exchange on P for 2,00,000...
Start Learning for Free
It draws a bill of exchange on P for 2,00,000 on 1 July, 2022 for 4 months Paccepted the hill and sent it to R. R discounts the bill from his bankers for 1,88,000. R immediately remits 75,200 to P. On the due date, R, being unable to remit the amount due, accepts a hill for 2,50,000 for 4 months which is discounted by P for 2,36,250 P sends ₹ 56,700 to R. Before the bill is due for payment R becomes insolvent, his estate is paying fifty paise in the rupee. Give the journal entries in the books of P. Also show R's account in P's boo?
Most Upvoted Answer
It draws a bill of exchange on P for 2,00,000 on 1 July, 2022 for 4 mo...
Journal Entries in the books of P:
- On 1 July, 2022:
- Bill Receivable A/C Dr 2,00,000
To R A/C 2,00,000 (Being a bill of exchange drawn on R)
- On 1 July, 2022:
- R A/C Dr 1,88,000
To Bank A/C 1,88,000 (Being the bill discounted by R)
- On 1 July, 2022:
- Bank A/C Dr 75,200
To R A/C 75,200 (Being remittance sent by R)
- On the due date:
- R A/C Dr 2,50,000
To Bill Payable A/C 2,50,000 (Being a new bill accepted by R)
- On the due date:
- Bill Payable A/C Dr 2,36,250
To R A/C 2,36,250 (Being the new bill discounted by P)
- Before the bill is due for payment:
- R A/C Dr 56,700
To Bank A/C 56,700 (Being amount sent by P to R)
R's Account in P's books:
- On 1 July, 2022:
- R A/C Cr 2,00,000
To Bill Receivable A/C 2,00,000
- On 1 July, 2022:
- Bank A/C Cr 1,88,000
To R A/C 1,88,000
- On 1 July, 2022:
- R A/C Cr 75,200
To Bank A/C 75,200
- On the due date:
- Bill Payable A/C Cr 2,50,000
To R A/C 2,50,000
- On the due date:
- R A/C Cr 2,36,250
To Bill Payable A/C 2,36,250
- Before the bill is due for payment:
- Bank A/C Cr 56,700
To R A/C 56,700
Explanation:
- The journal entries show the transactions between P and R regarding the bills of exchange, discounts, and remittances.
- The entries reflect the acceptance, discounting, and payment processes involved in the bill transactions.
- The final entry shows the amount sent by P to R before the insolvency of R, where only fifty paise in the rupee is expected to be recovered from R's estate.
- On 1 July, 2022:
- Bill Receivable A/C Dr 2,00,000
To R A/C 2,00,000 (Being a bill of exchange drawn on R)
- On 1 July, 2022:
- R A/C Dr 1,88,000
To Bank A/C 1,88,000 (Being the bill discounted by R)
- On 1 July, 2022:
- Bank A/C Dr 75,200
To R A/C 75,200 (Being remittance sent by R)
- On the due date:
- R A/C Dr 2,50,000
To Bill Payable A/C 2,50,000 (Being a new bill accepted by R)
- On the due date:
- Bill Payable A/C Dr 2,36,250
To R A/C 2,36,250 (Being the new bill discounted by P)
- Before the bill is due for payment:
- R A/C Dr 56,700
To Bank A/C 56,700 (Being amount sent by P to R)
R's Account in P's books:
- On 1 July, 2022:
- R A/C Cr 2,00,000
To Bill Receivable A/C 2,00,000
- On 1 July, 2022:
- Bank A/C Cr 1,88,000
To R A/C 1,88,000
- On 1 July, 2022:
- R A/C Cr 75,200
To Bank A/C 75,200
- On the due date:
- Bill Payable A/C Cr 2,50,000
To R A/C 2,50,000
- On the due date:
- R A/C Cr 2,36,250
To Bill Payable A/C 2,36,250
- Before the bill is due for payment:
- Bank A/C Cr 56,700
To R A/C 56,700
Explanation:
- The journal entries show the transactions between P and R regarding the bills of exchange, discounts, and remittances.
- The entries reflect the acceptance, discounting, and payment processes involved in the bill transactions.
- The final entry shows the amount sent by P to R before the insolvency of R, where only fifty paise in the rupee is expected to be recovered from R's estate.
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Similar CA Foundation Doubts
Top Courses for CA FoundationView all
It draws a bill of exchange on P for 2,00,000 on 1 July, 2022 for 4 months Paccepted the hill and sent it to R. R discounts the bill from his bankers for 1,88,000. R immediately remits 75,200 to P. On the due date, R, being unable to remit the amount due, accepts a hill for 2,50,000 for 4 months which is discounted by P for 2,36,250 P sends ₹ 56,700 to R. Before the bill is due for payment R becomes insolvent, his estate is paying fifty paise in the rupee. Give the journal entries in the books of P. Also show R's account in P's boo?
Question Description
It draws a bill of exchange on P for 2,00,000 on 1 July, 2022 for 4 months Paccepted the hill and sent it to R. R discounts the bill from his bankers for 1,88,000. R immediately remits 75,200 to P. On the due date, R, being unable to remit the amount due, accepts a hill for 2,50,000 for 4 months which is discounted by P for 2,36,250 P sends ₹ 56,700 to R. Before the bill is due for payment R becomes insolvent, his estate is paying fifty paise in the rupee. Give the journal entries in the books of P. Also show R's account in P's boo? 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 It draws a bill of exchange on P for 2,00,000 on 1 July, 2022 for 4 months Paccepted the hill and sent it to R. R discounts the bill from his bankers for 1,88,000. R immediately remits 75,200 to P. On the due date, R, being unable to remit the amount due, accepts a hill for 2,50,000 for 4 months which is discounted by P for 2,36,250 P sends ₹ 56,700 to R. Before the bill is due for payment R becomes insolvent, his estate is paying fifty paise in the rupee. Give the journal entries in the books of P. Also show R's account in P's boo? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for It draws a bill of exchange on P for 2,00,000 on 1 July, 2022 for 4 months Paccepted the hill and sent it to R. R discounts the bill from his bankers for 1,88,000. R immediately remits 75,200 to P. On the due date, R, being unable to remit the amount due, accepts a hill for 2,50,000 for 4 months which is discounted by P for 2,36,250 P sends ₹ 56,700 to R. Before the bill is due for payment R becomes insolvent, his estate is paying fifty paise in the rupee. Give the journal entries in the books of P. Also show R's account in P's boo?.
It draws a bill of exchange on P for 2,00,000 on 1 July, 2022 for 4 months Paccepted the hill and sent it to R. R discounts the bill from his bankers for 1,88,000. R immediately remits 75,200 to P. On the due date, R, being unable to remit the amount due, accepts a hill for 2,50,000 for 4 months which is discounted by P for 2,36,250 P sends ₹ 56,700 to R. Before the bill is due for payment R becomes insolvent, his estate is paying fifty paise in the rupee. Give the journal entries in the books of P. Also show R's account in P's boo? 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 It draws a bill of exchange on P for 2,00,000 on 1 July, 2022 for 4 months Paccepted the hill and sent it to R. R discounts the bill from his bankers for 1,88,000. R immediately remits 75,200 to P. On the due date, R, being unable to remit the amount due, accepts a hill for 2,50,000 for 4 months which is discounted by P for 2,36,250 P sends ₹ 56,700 to R. Before the bill is due for payment R becomes insolvent, his estate is paying fifty paise in the rupee. Give the journal entries in the books of P. Also show R's account in P's boo? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for It draws a bill of exchange on P for 2,00,000 on 1 July, 2022 for 4 months Paccepted the hill and sent it to R. R discounts the bill from his bankers for 1,88,000. R immediately remits 75,200 to P. On the due date, R, being unable to remit the amount due, accepts a hill for 2,50,000 for 4 months which is discounted by P for 2,36,250 P sends ₹ 56,700 to R. Before the bill is due for payment R becomes insolvent, his estate is paying fifty paise in the rupee. Give the journal entries in the books of P. Also show R's account in P's boo?.
Solutions for It draws a bill of exchange on P for 2,00,000 on 1 July, 2022 for 4 months Paccepted the hill and sent it to R. R discounts the bill from his bankers for 1,88,000. R immediately remits 75,200 to P. On the due date, R, being unable to remit the amount due, accepts a hill for 2,50,000 for 4 months which is discounted by P for 2,36,250 P sends ₹ 56,700 to R. Before the bill is due for payment R becomes insolvent, his estate is paying fifty paise in the rupee. Give the journal entries in the books of P. Also show R's account in P's boo? 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 It draws a bill of exchange on P for 2,00,000 on 1 July, 2022 for 4 months Paccepted the hill and sent it to R. R discounts the bill from his bankers for 1,88,000. R immediately remits 75,200 to P. On the due date, R, being unable to remit the amount due, accepts a hill for 2,50,000 for 4 months which is discounted by P for 2,36,250 P sends ₹ 56,700 to R. Before the bill is due for payment R becomes insolvent, his estate is paying fifty paise in the rupee. Give the journal entries in the books of P. Also show R's account in P's boo? defined & explained in the simplest way possible. Besides giving the explanation of
It draws a bill of exchange on P for 2,00,000 on 1 July, 2022 for 4 months Paccepted the hill and sent it to R. R discounts the bill from his bankers for 1,88,000. R immediately remits 75,200 to P. On the due date, R, being unable to remit the amount due, accepts a hill for 2,50,000 for 4 months which is discounted by P for 2,36,250 P sends ₹ 56,700 to R. Before the bill is due for payment R becomes insolvent, his estate is paying fifty paise in the rupee. Give the journal entries in the books of P. Also show R's account in P's boo?, a detailed solution for It draws a bill of exchange on P for 2,00,000 on 1 July, 2022 for 4 months Paccepted the hill and sent it to R. R discounts the bill from his bankers for 1,88,000. R immediately remits 75,200 to P. On the due date, R, being unable to remit the amount due, accepts a hill for 2,50,000 for 4 months which is discounted by P for 2,36,250 P sends ₹ 56,700 to R. Before the bill is due for payment R becomes insolvent, his estate is paying fifty paise in the rupee. Give the journal entries in the books of P. Also show R's account in P's boo? has been provided alongside types of It draws a bill of exchange on P for 2,00,000 on 1 July, 2022 for 4 months Paccepted the hill and sent it to R. R discounts the bill from his bankers for 1,88,000. R immediately remits 75,200 to P. On the due date, R, being unable to remit the amount due, accepts a hill for 2,50,000 for 4 months which is discounted by P for 2,36,250 P sends ₹ 56,700 to R. Before the bill is due for payment R becomes insolvent, his estate is paying fifty paise in the rupee. Give the journal entries in the books of P. Also show R's account in P's boo? theory, EduRev gives you an
ample number of questions to practice It draws a bill of exchange on P for 2,00,000 on 1 July, 2022 for 4 months Paccepted the hill and sent it to R. R discounts the bill from his bankers for 1,88,000. R immediately remits 75,200 to P. On the due date, R, being unable to remit the amount due, accepts a hill for 2,50,000 for 4 months which is discounted by P for 2,36,250 P sends ₹ 56,700 to R. Before the bill is due for payment R becomes insolvent, his estate is paying fifty paise in the rupee. Give the journal entries in the books of P. Also show R's account in P's boo? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup