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On 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 by Proceeds to Rom. maturity 10 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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On 1/1/2019 Ram drew & Shyam accepted a bill at 3 months for ₹4,000. O...


Journal Entries in the books of Ram:

1. Acceptance of bill by Shyam and discounting by Ram:

  • 1/1/2019: Bill Receivable A/C Dr. ₹4,000
  • To Shyam A/C ₹4,000
  • 4/1/2019: Shyam A/C Dr. ₹3,400
  • Discount A/C Dr. ₹600
  • To Bank A/C ₹4,000


2. Shyam's bill drawn and discounted:

  • 1/2/2019: Shyam A/C Dr. ₹3,000
  • To Bill Payable A/C ₹3,000
  • 4/2/2019: Bank A/C Dr. ₹2,550
  • Discount A/C Dr. ₹450
  • To Shyam A/C ₹3,000


3. Shyam's dishonored bill and issuance of new bill:

  • Maturity Date: Bill Payable A/C Dr. ₹3,000
  • To Shyam A/C ₹3,000
  • Loss on Dishonour of Bill A/C Dr. ₹500
  • To Shyam A/C ₹500
  • 1/7/2019: Shyam A/C Dr. ₹3,150
  • Interest on Bill A/C Dr. ₹450
  • To Bill Payable A/C ₹3,600



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On 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 by Proceeds to Rom. maturity 10 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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On 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 by Proceeds to Rom. maturity 10 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.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about On 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 by Proceeds to Rom. maturity 10 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.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On 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 by Proceeds to Rom. maturity 10 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.?.
Solutions for On 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 by Proceeds to Rom. maturity 10 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.? 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.
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