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Shubham draws on Rajendra a bill of ₹ 45,000 on 1st June 2023 for 3 months. Rajendra accepts the bill and sends to Shubham who gets it discounted for 44,100. Shubham immediately remits 14,700 to Rajendra. On the due date Shubham, being unable to remit amount due, accept a bill for₹ 63,000 for 3 months which is discounted by Rajendra for 61,650. Rajendra sends 11,100 to Shubham. On the due date Shubham becomes insolvent, his estate paying forty paise in the rupee. in the books of rajendra
Give Journal Entries in the books?
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Shubham draws on Rajendra a bill of ₹ 45,000 on 1st June 2023 for 3 mo...
Journal Entries in the books of Rajendra:

1. When Shubham draws a bill on Rajendra:
- Debit: Shubham's Account (Receivable) - ₹45,000
- Credit: Bills Payable Account - ₹45,000

2. When Shubham gets the bill discounted:
- Debit: Bank Account - ₹44,100
- Credit: Bills Payable Account - ₹44,100

3. When Shubham remits the amount to Rajendra:
- Debit: Bank Account - ₹14,700
- Credit: Shubham's Account (Receivable) - ₹14,700

4. When Shubham accepts a new bill from Rajendra:
- Debit: Bills Receivable Account - ₹63,000
- Credit: Shubham's Account (Payable) - ₹63,000

5. When Rajendra discounts the new bill:
- Debit: Bills Payable Account - ₹61,650
- Credit: Bank Account - ₹61,650

6. When Rajendra receives the payment from Shubham:
- Debit: Shubham's Account (Payable) - ₹11,100
- Credit: Bank Account - ₹11,100

7. When Shubham becomes insolvent:
- Debit: Bad Debts Account - ₹50,040 (₹63,000 * 0.40)
- Credit: Shubham's Account (Receivable) - ₹50,040
These journal entries reflect the transactions between Shubham and Rajendra, including bill discounts, remittances, and insolvency. The entries help in maintaining accurate records and tracking financial transactions effectively.
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Shubham draws on Rajendra a bill of ₹ 45,000 on 1st June 2023 for 3 months. Rajendra accepts the bill and sends to Shubham who gets it discounted for 44,100. Shubham immediately remits 14,700 to Rajendra. On the due date Shubham, being unable to remit amount due, accept a bill for₹ 63,000 for 3 months which is discounted by Rajendra for 61,650. Rajendra sends 11,100 to Shubham. On the due date Shubham becomes insolvent, his estate paying forty paise in the rupee. in the books of rajendra Give Journal Entries in the books?
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Shubham draws on Rajendra a bill of ₹ 45,000 on 1st June 2023 for 3 months. Rajendra accepts the bill and sends to Shubham who gets it discounted for 44,100. Shubham immediately remits 14,700 to Rajendra. On the due date Shubham, being unable to remit amount due, accept a bill for₹ 63,000 for 3 months which is discounted by Rajendra for 61,650. Rajendra sends 11,100 to Shubham. On the due date Shubham becomes insolvent, his estate paying forty paise in the rupee. in the books of rajendra Give Journal Entries in the books? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Shubham draws on Rajendra a bill of ₹ 45,000 on 1st June 2023 for 3 months. Rajendra accepts the bill and sends to Shubham who gets it discounted for 44,100. Shubham immediately remits 14,700 to Rajendra. On the due date Shubham, being unable to remit amount due, accept a bill for₹ 63,000 for 3 months which is discounted by Rajendra for 61,650. Rajendra sends 11,100 to Shubham. On the due date Shubham becomes insolvent, his estate paying forty paise in the rupee. in the books of rajendra Give Journal Entries in the books? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Shubham draws on Rajendra a bill of ₹ 45,000 on 1st June 2023 for 3 months. Rajendra accepts the bill and sends to Shubham who gets it discounted for 44,100. Shubham immediately remits 14,700 to Rajendra. On the due date Shubham, being unable to remit amount due, accept a bill for₹ 63,000 for 3 months which is discounted by Rajendra for 61,650. Rajendra sends 11,100 to Shubham. On the due date Shubham becomes insolvent, his estate paying forty paise in the rupee. in the books of rajendra Give Journal Entries in the books?.
Solutions for Shubham draws on Rajendra a bill of ₹ 45,000 on 1st June 2023 for 3 months. Rajendra accepts the bill and sends to Shubham who gets it discounted for 44,100. Shubham immediately remits 14,700 to Rajendra. On the due date Shubham, being unable to remit amount due, accept a bill for₹ 63,000 for 3 months which is discounted by Rajendra for 61,650. Rajendra sends 11,100 to Shubham. On the due date Shubham becomes insolvent, his estate paying forty paise in the rupee. in the books of rajendra Give Journal Entries in the books? 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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