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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.
Give Journal Entries in the books of Shubham and Rajendra.?
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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 Shubham:
- 1st June 2023:
- Rajendra's account Dr. ₹45,000
- To Bills Payable account ₹45,000
- Discounting the bill:
- Bank account Dr. ₹44,100
- To Rajendra's account ₹44,100
- Remittance to Rajendra:
- Rajendra's account Dr. ₹14,700
- To Bank account ₹14,700
- Unable to remit on due date:
- Bills Payable account Dr. ₹63,000
- To Rajendra's account ₹63,000
- Discounting the new bill:
- Rajendra's account Dr. ₹61,650
- To Bank account ₹61,650
- Receiving payment from Rajendra:
- Bank account Dr. ₹11,100
- To Rajendra's account ₹11,100
- Insolvency:
- Loss on Insolvency account Dr. ₹50,040
- To Creditors account ₹50,040

Journal Entries in the books of Rajendra:
- 1st June 2023:
- Bills Receivable account Dr. ₹45,000
- To Shubham's account ₹45,000
- Discounting the bill:
- Shubham's account Dr. ₹44,100
- To Bank account ₹44,100
- Receiving payment from Shubham:
- Shubham's account Dr. ₹14,700
- To Bank account ₹14,700
- Unable to remit on due date:
- Bills Receivable account Dr. ₹63,000
- To Shubham's account ₹63,000
- Discounting the new bill:
- Bank account Dr. ₹61,650
- To Shubham's account ₹61,650
- Sending payment to Shubham:
- Shubham's account Dr. ₹11,100
- To Bank account ₹11,100
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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.Give Journal Entries in the books of Shubham and Rajendra.?
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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.Give Journal Entries in the books of Shubham and Rajendra.? 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.Give Journal Entries in the books of Shubham and Rajendra.? 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.Give Journal Entries in the books of Shubham and Rajendra.?.
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Here you can find the meaning of 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.Give Journal Entries in the books of Shubham and Rajendra.? defined & explained in the simplest way possible. Besides giving the explanation of 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.Give Journal Entries in the books of Shubham and Rajendra.?, a detailed solution 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.Give Journal Entries in the books of Shubham and Rajendra.? has been provided alongside types of 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.Give Journal Entries in the books of Shubham and Rajendra.? theory, EduRev gives you an ample number of questions to practice 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.Give Journal Entries in the books of Shubham and Rajendra.? tests, examples and also practice UPSC tests.
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