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Vinod purchased goods for Rs.50,000 from Pramod on 1st February 2021. Pramod drew
a bill of exchange upon Vinod for the same amount payable after 30 days. On the due
date Vinod dis-honoured his acceptance. Pass necessary journal entries in the books of
Pramod in the following cases :
(i) When the bill was retained by Pramod with him till the date of maturity.
(ii) When the bill was discounted by Pramod immediately with his bank @ 6% p.a.
(iii) When the bill was endorsed to his creditor Prasad.
(iv) When the bill was sent by Pramod to his bank for collection a few days before its
maturity.
1?
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Vinod purchased goods for Rs.50,000 from Pramod on 1st February 2021. ...
Journal Entries in Pramod's Books
When Vinod dis-honoured the bill of exchange, Pramod would record the following journal entries depending on the scenario:
(i) Bill Retained till Maturity
- Date: 1st March 2021
- Dr. Bills Receivable A/c 50,000
- Cr. Sales A/c 50,000
- (To record the acceptance of bill by Vinod)
- Date: 1st April 2021
- Dr. Cash A/c 50,000
- Cr. Bills Receivable A/c 50,000
- (To record the receipt of cash upon maturity)
- Date: 1st April 2021
- Dr. Vinod's A/c 50,000
- Cr. Cash A/c 50,000
- (To record dishonour of bill and transfer to Vinod’s account)
(ii) Bill Discounted with Bank
- Date: 1st March 2021
- Dr. Cash A/c 47,000 (50,000 - (50,000 * 6% * 30/360))
- Dr. Discount on Bills A/c 3,000
- Cr. Bills Receivable A/c 50,000
- (To record the discounting of the bill)
- Date: 1st April 2021
- Dr. Vinod's A/c 50,000
- Cr. Cash A/c 50,000
- (To record dishonour of bill and transfer to Vinod’s account)
(iii) Bill Endorsed to Creditor Prasad
- Date: 1st March 2021
- Dr. Prasad’s A/c 50,000
- Cr. Bills Receivable A/c 50,000
- (To record endorsement of bill to Prasad)
- Date: 1st April 2021
- Dr. Prasad’s A/c 50,000
- Cr. Vinod’s A/c 50,000
- (To record dishonour of bill and transfer to Vinod’s account)
(iv) Bill Sent for Collection
- Date: 1st March 2021
- Dr. Bills Receivable A/c 50,000
- Cr. Sales A/c 50,000
- (To record the acceptance of bill by Vinod)
- Date: 1st April 2021
- Dr. Vinod’s A/c 50,000
- Cr. Cash A/c 50,000
- (To record dishonour of bill and transfer to Vinod’s account)
Each scenario reflects the treatment of the dishonoured bill in Pramod's books, ensuring accurate financial records.
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Vinod purchased goods for Rs.50,000 from Pramod on 1st February 2021. Pramod drew a bill of exchange upon Vinod for the same amount payable after 30 days. On the due date Vinod dis-honoured his acceptance. Pass necessary journal entries in the books of Pramod in the following cases : (i) When the bill was retained by Pramod with him till the date of maturity. (ii) When the bill was discounted by Pramod immediately with his bank @ 6% p.a. (iii) When the bill was endorsed to his creditor Prasad. (iv) When the bill was sent by Pramod to his bank for collection a few days before its maturity. 1?
Question Description
Vinod purchased goods for Rs.50,000 from Pramod on 1st February 2021. Pramod drew a bill of exchange upon Vinod for the same amount payable after 30 days. On the due date Vinod dis-honoured his acceptance. Pass necessary journal entries in the books of Pramod in the following cases : (i) When the bill was retained by Pramod with him till the date of maturity. (ii) When the bill was discounted by Pramod immediately with his bank @ 6% p.a. (iii) When the bill was endorsed to his creditor Prasad. (iv) When the bill was sent by Pramod to his bank for collection a few days before its maturity. 1? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Vinod purchased goods for Rs.50,000 from Pramod on 1st February 2021. Pramod drew a bill of exchange upon Vinod for the same amount payable after 30 days. On the due date Vinod dis-honoured his acceptance. Pass necessary journal entries in the books of Pramod in the following cases : (i) When the bill was retained by Pramod with him till the date of maturity. (ii) When the bill was discounted by Pramod immediately with his bank @ 6% p.a. (iii) When the bill was endorsed to his creditor Prasad. (iv) When the bill was sent by Pramod to his bank for collection a few days before its maturity. 1? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Vinod purchased goods for Rs.50,000 from Pramod on 1st February 2021. Pramod drew a bill of exchange upon Vinod for the same amount payable after 30 days. On the due date Vinod dis-honoured his acceptance. Pass necessary journal entries in the books of Pramod in the following cases : (i) When the bill was retained by Pramod with him till the date of maturity. (ii) When the bill was discounted by Pramod immediately with his bank @ 6% p.a. (iii) When the bill was endorsed to his creditor Prasad. (iv) When the bill was sent by Pramod to his bank for collection a few days before its maturity. 1?.
Solutions for Vinod purchased goods for Rs.50,000 from Pramod on 1st February 2021. Pramod drew a bill of exchange upon Vinod for the same amount payable after 30 days. On the due date Vinod dis-honoured his acceptance. Pass necessary journal entries in the books of Pramod in the following cases : (i) When the bill was retained by Pramod with him till the date of maturity. (ii) When the bill was discounted by Pramod immediately with his bank @ 6% p.a. (iii) When the bill was endorsed to his creditor Prasad. (iv) When the bill was sent by Pramod to his bank for collection a few days before its maturity. 1? 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 Vinod purchased goods for Rs.50,000 from Pramod on 1st February 2021. Pramod drew a bill of exchange upon Vinod for the same amount payable after 30 days. On the due date Vinod dis-honoured his acceptance. Pass necessary journal entries in the books of Pramod in the following cases : (i) When the bill was retained by Pramod with him till the date of maturity. (ii) When the bill was discounted by Pramod immediately with his bank @ 6% p.a. (iii) When the bill was endorsed to his creditor Prasad. (iv) When the bill was sent by Pramod to his bank for collection a few days before its maturity. 1? defined & explained in the simplest way possible. Besides giving the explanation of Vinod purchased goods for Rs.50,000 from Pramod on 1st February 2021. Pramod drew a bill of exchange upon Vinod for the same amount payable after 30 days. On the due date Vinod dis-honoured his acceptance. Pass necessary journal entries in the books of Pramod in the following cases : (i) When the bill was retained by Pramod with him till the date of maturity. (ii) When the bill was discounted by Pramod immediately with his bank @ 6% p.a. (iii) When the bill was endorsed to his creditor Prasad. (iv) When the bill was sent by Pramod to his bank for collection a few days before its maturity. 1?, a detailed solution for Vinod purchased goods for Rs.50,000 from Pramod on 1st February 2021. Pramod drew a bill of exchange upon Vinod for the same amount payable after 30 days. On the due date Vinod dis-honoured his acceptance. Pass necessary journal entries in the books of Pramod in the following cases : (i) When the bill was retained by Pramod with him till the date of maturity. (ii) When the bill was discounted by Pramod immediately with his bank @ 6% p.a. (iii) When the bill was endorsed to his creditor Prasad. (iv) When the bill was sent by Pramod to his bank for collection a few days before its maturity. 1? has been provided alongside types of Vinod purchased goods for Rs.50,000 from Pramod on 1st February 2021. Pramod drew a bill of exchange upon Vinod for the same amount payable after 30 days. On the due date Vinod dis-honoured his acceptance. Pass necessary journal entries in the books of Pramod in the following cases : (i) When the bill was retained by Pramod with him till the date of maturity. (ii) When the bill was discounted by Pramod immediately with his bank @ 6% p.a. (iii) When the bill was endorsed to his creditor Prasad. (iv) When the bill was sent by Pramod to his bank for collection a few days before its maturity. 1? theory, EduRev gives you an ample number of questions to practice Vinod purchased goods for Rs.50,000 from Pramod on 1st February 2021. Pramod drew a bill of exchange upon Vinod for the same amount payable after 30 days. On the due date Vinod dis-honoured his acceptance. Pass necessary journal entries in the books of Pramod in the following cases : (i) When the bill was retained by Pramod with him till the date of maturity. (ii) When the bill was discounted by Pramod immediately with his bank @ 6% p.a. (iii) When the bill was endorsed to his creditor Prasad. (iv) When the bill was sent by Pramod to his bank for collection a few days before its maturity. 1? tests, examples and also practice UPSC tests.
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