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Q.120n 1/1/2019 Ram drew & Shyam accepted a bill at 3 months for 4,000. On 4/1/2019 Ram discounted the bill @ 15% p.a. & remitted ½ proceeds to Shyam. On 1.2.2019 Shyam drew & Ram accepted a bill at 4 months for ₹ 3,000. On 4/2/2019 Shyam discounted the bill @ 15% p.a. & remitted ½ proceeds to Ram. At maturity Ram met his acceptance but Shyam dishonoured bill for which Shyam accepted a new bill at 3 months for original bill Interest @ 18% p.a. On 1/7/2019 Shyam became insolvent & only 50 paise in a rupee were received from him. Pass Journal entries in the books of Ram.
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Q.120n 1/1/2019 Ram drew & Shyam accepted a bill at 3 months for 4,000...
Journal Entries in the books of Ram
Discounting of Bill drawn by Shyam
- Debit: Shyam's acceptance (4,000)
- Credit: Bills Receivable Account (4,000)
Remittance of proceeds to Shyam
- Debit: Shyam's acceptance (2,000)
- Credit: Bank Account (2,000)
Acceptance of Bill drawn by Shyam
- Debit: Bills Receivable Account (3,000)
- Credit: Shyam's acceptance (3,000)
Discounting of Bill drawn by Shyam
- Debit: Bank Account (1,500)
- Credit: Shyam's acceptance (1,500)
Remittance of proceeds to Ram
- Debit: Bank Account (750)
- Credit: Ram's acceptance (750)
Dishonour of Bill by Shyam
- Debit: Shyam's acceptance (3,000)
- Credit: Bills Receivable Account (3,000)
Acceptance of New Bill by Shyam
- Debit: Bills Receivable Account (3,000)
- Credit: Shyam's acceptance (3,000)
Loss on Insolvency of Shyam
- Debit: Shyam's acceptance (1,500)
- Credit: Bad Debts Account (1,500)
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Q.120n 1/1/2019 Ram drew & Shyam accepted a bill at 3 months for 4,000. On 4/1/2019 Ram discounted the bill @ 15% p.a. & remitted ½ proceeds to Shyam. On 1.2.2019 Shyam drew & Ram accepted a bill at 4 months for ₹ 3,000. On 4/2/2019 Shyam discounted the bill @ 15% p.a. & remitted ½ proceeds to Ram. At maturity Ram met his acceptance but Shyam dishonoured bill for which Shyam accepted a new bill at 3 months for original bill Interest @ 18% p.a. On 1/7/2019 Shyam became insolvent & only 50 paise in a rupee were received from him. Pass Journal entries in the books of Ram.J.K. SHAH CLASSESa Veranda Enterprise?
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Q.120n 1/1/2019 Ram drew & Shyam accepted a bill at 3 months for 4,000. On 4/1/2019 Ram discounted the bill @ 15% p.a. & remitted ½ proceeds to Shyam. On 1.2.2019 Shyam drew & Ram accepted a bill at 4 months for ₹ 3,000. On 4/2/2019 Shyam discounted the bill @ 15% p.a. & remitted ½ proceeds to Ram. At maturity Ram met his acceptance but Shyam dishonoured bill for which Shyam accepted a new bill at 3 months for original bill Interest @ 18% p.a. On 1/7/2019 Shyam became insolvent & only 50 paise in a rupee were received from him. Pass Journal entries in the books of Ram.J.K. SHAH CLASSESa Veranda Enterprise? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Q.120n 1/1/2019 Ram drew & Shyam accepted a bill at 3 months for 4,000. On 4/1/2019 Ram discounted the bill @ 15% p.a. & remitted ½ proceeds to Shyam. On 1.2.2019 Shyam drew & Ram accepted a bill at 4 months for ₹ 3,000. On 4/2/2019 Shyam discounted the bill @ 15% p.a. & remitted ½ proceeds to Ram. At maturity Ram met his acceptance but Shyam dishonoured bill for which Shyam accepted a new bill at 3 months for original bill Interest @ 18% p.a. On 1/7/2019 Shyam became insolvent & only 50 paise in a rupee were received from him. Pass Journal entries in the books of Ram.J.K. SHAH CLASSESa Veranda Enterprise? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Q.120n 1/1/2019 Ram drew & Shyam accepted a bill at 3 months for 4,000. On 4/1/2019 Ram discounted the bill @ 15% p.a. & remitted ½ proceeds to Shyam. On 1.2.2019 Shyam drew & Ram accepted a bill at 4 months for ₹ 3,000. On 4/2/2019 Shyam discounted the bill @ 15% p.a. & remitted ½ proceeds to Ram. At maturity Ram met his acceptance but Shyam dishonoured bill for which Shyam accepted a new bill at 3 months for original bill Interest @ 18% p.a. On 1/7/2019 Shyam became insolvent & only 50 paise in a rupee were received from him. Pass Journal entries in the books of Ram.J.K. SHAH CLASSESa Veranda Enterprise?.
Solutions for Q.120n 1/1/2019 Ram drew & Shyam accepted a bill at 3 months for 4,000. On 4/1/2019 Ram discounted the bill @ 15% p.a. & remitted ½ proceeds to Shyam. On 1.2.2019 Shyam drew & Ram accepted a bill at 4 months for ₹ 3,000. On 4/2/2019 Shyam discounted the bill @ 15% p.a. & remitted ½ proceeds to Ram. At maturity Ram met his acceptance but Shyam dishonoured bill for which Shyam accepted a new bill at 3 months for original bill Interest @ 18% p.a. On 1/7/2019 Shyam became insolvent & only 50 paise in a rupee were received from him. Pass Journal entries in the books of Ram.J.K. SHAH CLASSESa Veranda Enterprise? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of Q.120n 1/1/2019 Ram drew & Shyam accepted a bill at 3 months for 4,000. On 4/1/2019 Ram discounted the bill @ 15% p.a. & remitted ½ proceeds to Shyam. On 1.2.2019 Shyam drew & Ram accepted a bill at 4 months for ₹ 3,000. On 4/2/2019 Shyam discounted the bill @ 15% p.a. & remitted ½ proceeds to Ram. At maturity Ram met his acceptance but Shyam dishonoured bill for which Shyam accepted a new bill at 3 months for original bill Interest @ 18% p.a. On 1/7/2019 Shyam became insolvent & only 50 paise in a rupee were received from him. Pass Journal entries in the books of Ram.J.K. SHAH CLASSESa Veranda Enterprise? defined & explained in the simplest way possible. Besides giving the explanation of Q.120n 1/1/2019 Ram drew & Shyam accepted a bill at 3 months for 4,000. On 4/1/2019 Ram discounted the bill @ 15% p.a. & remitted ½ proceeds to Shyam. On 1.2.2019 Shyam drew & Ram accepted a bill at 4 months for ₹ 3,000. On 4/2/2019 Shyam discounted the bill @ 15% p.a. & remitted ½ proceeds to Ram. At maturity Ram met his acceptance but Shyam dishonoured bill for which Shyam accepted a new bill at 3 months for original bill Interest @ 18% p.a. On 1/7/2019 Shyam became insolvent & only 50 paise in a rupee were received from him. Pass Journal entries in the books of Ram.J.K. SHAH CLASSESa Veranda Enterprise?, a detailed solution for Q.120n 1/1/2019 Ram drew & Shyam accepted a bill at 3 months for 4,000. On 4/1/2019 Ram discounted the bill @ 15% p.a. & remitted ½ proceeds to Shyam. On 1.2.2019 Shyam drew & Ram accepted a bill at 4 months for ₹ 3,000. On 4/2/2019 Shyam discounted the bill @ 15% p.a. & remitted ½ proceeds to Ram. At maturity Ram met his acceptance but Shyam dishonoured bill for which Shyam accepted a new bill at 3 months for original bill Interest @ 18% p.a. On 1/7/2019 Shyam became insolvent & only 50 paise in a rupee were received from him. Pass Journal entries in the books of Ram.J.K. SHAH CLASSESa Veranda Enterprise? has been provided alongside types of Q.120n 1/1/2019 Ram drew & Shyam accepted a bill at 3 months for 4,000. On 4/1/2019 Ram discounted the bill @ 15% p.a. & remitted ½ proceeds to Shyam. On 1.2.2019 Shyam drew & Ram accepted a bill at 4 months for ₹ 3,000. On 4/2/2019 Shyam discounted the bill @ 15% p.a. & remitted ½ proceeds to Ram. At maturity Ram met his acceptance but Shyam dishonoured bill for which Shyam accepted a new bill at 3 months for original bill Interest @ 18% p.a. On 1/7/2019 Shyam became insolvent & only 50 paise in a rupee were received from him. Pass Journal entries in the books of Ram.J.K. SHAH CLASSESa Veranda Enterprise? theory, EduRev gives you an ample number of questions to practice Q.120n 1/1/2019 Ram drew & Shyam accepted a bill at 3 months for 4,000. On 4/1/2019 Ram discounted the bill @ 15% p.a. & remitted ½ proceeds to Shyam. On 1.2.2019 Shyam drew & Ram accepted a bill at 4 months for ₹ 3,000. On 4/2/2019 Shyam discounted the bill @ 15% p.a. & remitted ½ proceeds to Ram. At maturity Ram met his acceptance but Shyam dishonoured bill for which Shyam accepted a new bill at 3 months for original bill Interest @ 18% p.a. On 1/7/2019 Shyam became insolvent & only 50 paise in a rupee were received from him. Pass Journal entries in the books of Ram.J.K. SHAH CLASSESa Veranda Enterprise? tests, examples and also practice UPSC tests.
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