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On 1/1/2019 Ram drew and shyam accepted a bill at 3 months for 40000.on 4/1/2019Ram discounted the bill @25%p.a. and remitted 1/2 proceed to shyam .on 1.2.2019 Shyam drew and Ram accepted a bill at 4 months for 3000 on .4/2/2019 Shyam discounted the bill @15%p.a and remitted 1/2 proceed to Ram .At maturity Ram met his acceptance but shyam dishonour bill for which shyam accepted a new bill at 3 months for original + intrest @18 % p .a. On 1/7/2019.Shyam become insolvent only 50 paise in rupees were received from him .pass journal entry books of Ram and Shyam?
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On 1/1/2019 Ram drew and shyam accepted a bill at 3 months for 40000.o...
Journal Entries for Ram and Shyam's Transactions:

1. Acceptance of Bill by Shyam:
- Ram's Drawing Account Dr. 40,000
- To Shyam's Acceptance Account 40,000

2. Discounting of Bill by Ram:
- Shyam's Acceptance Account Dr. 40,000
- Discount Received Account Dr. 5,000
- To Ram's Drawing Account 20,000
- To Bank Account 25,000

3. Acceptance of Bill by Ram:
- Shyam's Drawing Account Dr. 3,000
- To Ram's Acceptance Account 3,000

4. Discounting of Bill by Shyam:
- Ram's Acceptance Account Dr. 3,000
- Discount Received Account Dr. 225
- To Shyam's Drawing Account 1,387.5
- To Bank Account 1,837.5

5. Settlement of Bills at Maturity:
- Shyam's Acceptance Account Dr. 40,825
- To Bank Account 40,825

6. Dishonor of Bill by Shyam:
- Ram's Acceptance Account Dr. 40,825
- To Shyam's Acceptance Account 40,825

7. Acceptance of New Bill by Shyam:
- Shyam's Drawing Account Dr. 40,825
- To Ram's Acceptance Account 40,825
The above journal entries reflect the various transactions between Ram and Shyam, including the acceptance and discounting of bills, as well as the subsequent dishonor of one bill and the acceptance of a new bill. It is essential to accurately record these transactions in the books of accounts to maintain proper financial records and ensure transparency in business dealings.
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On 1/1/2019 Ram drew and shyam accepted a bill at 3 months for 40000.on 4/1/2019Ram discounted the bill @25%p.a. and remitted 1/2 proceed to shyam .on 1.2.2019 Shyam drew and Ram accepted a bill at 4 months for 3000 on .4/2/2019 Shyam discounted the bill @15%p.a and remitted 1/2 proceed to Ram .At maturity Ram met his acceptance but shyam dishonour bill for which shyam accepted a new bill at 3 months for original + intrest @18 % p .a. On 1/7/2019.Shyam become insolvent only 50 paise in rupees were received from him .pass journal entry books of Ram and Shyam?
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On 1/1/2019 Ram drew and shyam accepted a bill at 3 months for 40000.on 4/1/2019Ram discounted the bill @25%p.a. and remitted 1/2 proceed to shyam .on 1.2.2019 Shyam drew and Ram accepted a bill at 4 months for 3000 on .4/2/2019 Shyam discounted the bill @15%p.a and remitted 1/2 proceed to Ram .At maturity Ram met his acceptance but shyam dishonour bill for which shyam accepted a new bill at 3 months for original + intrest @18 % p .a. On 1/7/2019.Shyam become insolvent only 50 paise in rupees were received from him .pass journal entry books of Ram and Shyam? 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 and shyam accepted a bill at 3 months for 40000.on 4/1/2019Ram discounted the bill @25%p.a. and remitted 1/2 proceed to shyam .on 1.2.2019 Shyam drew and Ram accepted a bill at 4 months for 3000 on .4/2/2019 Shyam discounted the bill @15%p.a and remitted 1/2 proceed to Ram .At maturity Ram met his acceptance but shyam dishonour bill for which shyam accepted a new bill at 3 months for original + intrest @18 % p .a. On 1/7/2019.Shyam become insolvent only 50 paise in rupees were received from him .pass journal entry books of Ram and Shyam? 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 and shyam accepted a bill at 3 months for 40000.on 4/1/2019Ram discounted the bill @25%p.a. and remitted 1/2 proceed to shyam .on 1.2.2019 Shyam drew and Ram accepted a bill at 4 months for 3000 on .4/2/2019 Shyam discounted the bill @15%p.a and remitted 1/2 proceed to Ram .At maturity Ram met his acceptance but shyam dishonour bill for which shyam accepted a new bill at 3 months for original + intrest @18 % p .a. On 1/7/2019.Shyam become insolvent only 50 paise in rupees were received from him .pass journal entry books of Ram and Shyam?.
Solutions for On 1/1/2019 Ram drew and shyam accepted a bill at 3 months for 40000.on 4/1/2019Ram discounted the bill @25%p.a. and remitted 1/2 proceed to shyam .on 1.2.2019 Shyam drew and Ram accepted a bill at 4 months for 3000 on .4/2/2019 Shyam discounted the bill @15%p.a and remitted 1/2 proceed to Ram .At maturity Ram met his acceptance but shyam dishonour bill for which shyam accepted a new bill at 3 months for original + intrest @18 % p .a. On 1/7/2019.Shyam become insolvent only 50 paise in rupees were received from him .pass journal entry books of Ram and Shyam? 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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