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Harry draws a bill on Sejal for ₹ 60,000 on 01.01.2023 for 3 months. Sejal accepts the bill and sends it back to Harry to get it discounted for ₹ 56,000. Harry remits 1/4th amount to Sejal. On the due date, Harry was unable to remit his share to Sejal, rather accepts a bill of ₹ 80,000 for a period of 3 months. This bill was discounted by Sejal for ₹ 74,600. Sejal after making the payment of first bill sent 3/4th of the smount remaining to Harry. On maturity of the bill, Harry became bankrupt and his estate paying 40 paise in the rupee. Give journal entries in the books of Sejal. Also prepare ledger account of Harry. All workings should form part of the answer.?
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Harry draws a bill on Sejal for ₹ 60,000 on 01.01.2023 for 3 months. S...
Transaction Summary
- Bill amount: ₹ 60,000
- Discounted amount: ₹ 56,000
- Harry's remittance to Sejal: ₹ 14,000 (1/4 of ₹ 56,000)
- New bill accepted by Harry: ₹ 80,000
- Discounted new bill amount: ₹ 74,600
- Payment received after first bill: ₹ 42,600 (3/4 remaining after payment)
- Bankruptcy recovery: 40 paise in the rupee
Journal Entries in the Books of Sejal
1. On Acceptance of the Bill:
- Date: 01.01.2023
- Dr. Bills Receivable A/c ₹ 60,000
- Cr. Harry’s A/c ₹ 60,000
2. On Discounting the Bill:
- Date: 01.01.2023
- Dr. Cash A/c ₹ 56,000
- Dr. Discount Allowed A/c ₹ 4,000
- Cr. Bills Receivable A/c ₹ 60,000
3. On Payment of the First Bill:
- Date: 01.04.2023
- Dr. Harry’s A/c ₹ 60,000
- Cr. Cash A/c ₹ 60,000
4. On New Bill Accepted:
- Date: 01.04.2023
- Dr. Bills Receivable A/c ₹ 80,000
- Cr. Harry’s A/c ₹ 80,000
5. On Discounting New Bill:
- Date: 01.04.2023
- Dr. Cash A/c ₹ 74,600
- Dr. Discount Allowed A/c ₹ 5,400
- Cr. Bills Receivable A/c ₹ 80,000
6. On Recovery from Harry’s Estate:
- Date: 01.07.2023
- Dr. Cash A/c ₹ 32,000 (40% of ₹ 80,000)
- Cr. Harry’s A/c ₹ 32,000
Ledger Account of Harry
- Debit Side (Dr):
- To Bills Accepted A/c: ₹ 80,000
- To Cash A/c: ₹ 60,000 (Payment received)
- Credit Side (Cr):
- By Cash A/c: ₹ 14,000 (First remittance)
- By Cash A/c: ₹ 32,000 (Recovery from estate)
This concise breakdown illustrates Sejal's financial transactions with Harry, highlighting the key journal entries and the ledger account accurately.
- Bill amount: ₹ 60,000
- Discounted amount: ₹ 56,000
- Harry's remittance to Sejal: ₹ 14,000 (1/4 of ₹ 56,000)
- New bill accepted by Harry: ₹ 80,000
- Discounted new bill amount: ₹ 74,600
- Payment received after first bill: ₹ 42,600 (3/4 remaining after payment)
- Bankruptcy recovery: 40 paise in the rupee
Journal Entries in the Books of Sejal
1. On Acceptance of the Bill:
- Date: 01.01.2023
- Dr. Bills Receivable A/c ₹ 60,000
- Cr. Harry’s A/c ₹ 60,000
2. On Discounting the Bill:
- Date: 01.01.2023
- Dr. Cash A/c ₹ 56,000
- Dr. Discount Allowed A/c ₹ 4,000
- Cr. Bills Receivable A/c ₹ 60,000
3. On Payment of the First Bill:
- Date: 01.04.2023
- Dr. Harry’s A/c ₹ 60,000
- Cr. Cash A/c ₹ 60,000
4. On New Bill Accepted:
- Date: 01.04.2023
- Dr. Bills Receivable A/c ₹ 80,000
- Cr. Harry’s A/c ₹ 80,000
5. On Discounting New Bill:
- Date: 01.04.2023
- Dr. Cash A/c ₹ 74,600
- Dr. Discount Allowed A/c ₹ 5,400
- Cr. Bills Receivable A/c ₹ 80,000
6. On Recovery from Harry’s Estate:
- Date: 01.07.2023
- Dr. Cash A/c ₹ 32,000 (40% of ₹ 80,000)
- Cr. Harry’s A/c ₹ 32,000
Ledger Account of Harry
- Debit Side (Dr):
- To Bills Accepted A/c: ₹ 80,000
- To Cash A/c: ₹ 60,000 (Payment received)
- Credit Side (Cr):
- By Cash A/c: ₹ 14,000 (First remittance)
- By Cash A/c: ₹ 32,000 (Recovery from estate)
This concise breakdown illustrates Sejal's financial transactions with Harry, highlighting the key journal entries and the ledger account accurately.
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Harry draws a bill on Sejal for ₹ 60,000 on 01.01.2023 for 3 months. Sejal accepts the bill and sends it back to Harry to get it discounted for ₹ 56,000. Harry remits 1/4th amount to Sejal. On the due date, Harry was unable to remit his share to Sejal, rather accepts a bill of ₹ 80,000 for a period of 3 months. This bill was discounted by Sejal for ₹ 74,600. Sejal after making the payment of first bill sent 3/4th of the smount remaining to Harry. On maturity of the bill, Harry became bankrupt and his estate paying 40 paise in the rupee. Give journal entries in the books of Sejal. Also prepare ledger account of Harry. All workings should form part of the answer.?
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Harry draws a bill on Sejal for ₹ 60,000 on 01.01.2023 for 3 months. Sejal accepts the bill and sends it back to Harry to get it discounted for ₹ 56,000. Harry remits 1/4th amount to Sejal. On the due date, Harry was unable to remit his share to Sejal, rather accepts a bill of ₹ 80,000 for a period of 3 months. This bill was discounted by Sejal for ₹ 74,600. Sejal after making the payment of first bill sent 3/4th of the smount remaining to Harry. On maturity of the bill, Harry became bankrupt and his estate paying 40 paise in the rupee. Give journal entries in the books of Sejal. Also prepare ledger account of Harry. All workings should form part of the answer.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Harry draws a bill on Sejal for ₹ 60,000 on 01.01.2023 for 3 months. Sejal accepts the bill and sends it back to Harry to get it discounted for ₹ 56,000. Harry remits 1/4th amount to Sejal. On the due date, Harry was unable to remit his share to Sejal, rather accepts a bill of ₹ 80,000 for a period of 3 months. This bill was discounted by Sejal for ₹ 74,600. Sejal after making the payment of first bill sent 3/4th of the smount remaining to Harry. On maturity of the bill, Harry became bankrupt and his estate paying 40 paise in the rupee. Give journal entries in the books of Sejal. Also prepare ledger account of Harry. All workings should form part of the answer.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Harry draws a bill on Sejal for ₹ 60,000 on 01.01.2023 for 3 months. Sejal accepts the bill and sends it back to Harry to get it discounted for ₹ 56,000. Harry remits 1/4th amount to Sejal. On the due date, Harry was unable to remit his share to Sejal, rather accepts a bill of ₹ 80,000 for a period of 3 months. This bill was discounted by Sejal for ₹ 74,600. Sejal after making the payment of first bill sent 3/4th of the smount remaining to Harry. On maturity of the bill, Harry became bankrupt and his estate paying 40 paise in the rupee. Give journal entries in the books of Sejal. Also prepare ledger account of Harry. All workings should form part of the answer.?.
Harry draws a bill on Sejal for ₹ 60,000 on 01.01.2023 for 3 months. Sejal accepts the bill and sends it back to Harry to get it discounted for ₹ 56,000. Harry remits 1/4th amount to Sejal. On the due date, Harry was unable to remit his share to Sejal, rather accepts a bill of ₹ 80,000 for a period of 3 months. This bill was discounted by Sejal for ₹ 74,600. Sejal after making the payment of first bill sent 3/4th of the smount remaining to Harry. On maturity of the bill, Harry became bankrupt and his estate paying 40 paise in the rupee. Give journal entries in the books of Sejal. Also prepare ledger account of Harry. All workings should form part of the answer.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Harry draws a bill on Sejal for ₹ 60,000 on 01.01.2023 for 3 months. Sejal accepts the bill and sends it back to Harry to get it discounted for ₹ 56,000. Harry remits 1/4th amount to Sejal. On the due date, Harry was unable to remit his share to Sejal, rather accepts a bill of ₹ 80,000 for a period of 3 months. This bill was discounted by Sejal for ₹ 74,600. Sejal after making the payment of first bill sent 3/4th of the smount remaining to Harry. On maturity of the bill, Harry became bankrupt and his estate paying 40 paise in the rupee. Give journal entries in the books of Sejal. Also prepare ledger account of Harry. All workings should form part of the answer.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Harry draws a bill on Sejal for ₹ 60,000 on 01.01.2023 for 3 months. Sejal accepts the bill and sends it back to Harry to get it discounted for ₹ 56,000. Harry remits 1/4th amount to Sejal. On the due date, Harry was unable to remit his share to Sejal, rather accepts a bill of ₹ 80,000 for a period of 3 months. This bill was discounted by Sejal for ₹ 74,600. Sejal after making the payment of first bill sent 3/4th of the smount remaining to Harry. On maturity of the bill, Harry became bankrupt and his estate paying 40 paise in the rupee. Give journal entries in the books of Sejal. Also prepare ledger account of Harry. All workings should form part of the answer.?.
Solutions for Harry draws a bill on Sejal for ₹ 60,000 on 01.01.2023 for 3 months. Sejal accepts the bill and sends it back to Harry to get it discounted for ₹ 56,000. Harry remits 1/4th amount to Sejal. On the due date, Harry was unable to remit his share to Sejal, rather accepts a bill of ₹ 80,000 for a period of 3 months. This bill was discounted by Sejal for ₹ 74,600. Sejal after making the payment of first bill sent 3/4th of the smount remaining to Harry. On maturity of the bill, Harry became bankrupt and his estate paying 40 paise in the rupee. Give journal entries in the books of Sejal. Also prepare ledger account of Harry. All workings should form part of the answer.? in English & in Hindi are available as part of our courses for UPSC.
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Here you can find the meaning of Harry draws a bill on Sejal for ₹ 60,000 on 01.01.2023 for 3 months. Sejal accepts the bill and sends it back to Harry to get it discounted for ₹ 56,000. Harry remits 1/4th amount to Sejal. On the due date, Harry was unable to remit his share to Sejal, rather accepts a bill of ₹ 80,000 for a period of 3 months. This bill was discounted by Sejal for ₹ 74,600. Sejal after making the payment of first bill sent 3/4th of the smount remaining to Harry. On maturity of the bill, Harry became bankrupt and his estate paying 40 paise in the rupee. Give journal entries in the books of Sejal. Also prepare ledger account of Harry. All workings should form part of the answer.? defined & explained in the simplest way possible. Besides giving the explanation of
Harry draws a bill on Sejal for ₹ 60,000 on 01.01.2023 for 3 months. Sejal accepts the bill and sends it back to Harry to get it discounted for ₹ 56,000. Harry remits 1/4th amount to Sejal. On the due date, Harry was unable to remit his share to Sejal, rather accepts a bill of ₹ 80,000 for a period of 3 months. This bill was discounted by Sejal for ₹ 74,600. Sejal after making the payment of first bill sent 3/4th of the smount remaining to Harry. On maturity of the bill, Harry became bankrupt and his estate paying 40 paise in the rupee. Give journal entries in the books of Sejal. Also prepare ledger account of Harry. All workings should form part of the answer.?, a detailed solution for Harry draws a bill on Sejal for ₹ 60,000 on 01.01.2023 for 3 months. Sejal accepts the bill and sends it back to Harry to get it discounted for ₹ 56,000. Harry remits 1/4th amount to Sejal. On the due date, Harry was unable to remit his share to Sejal, rather accepts a bill of ₹ 80,000 for a period of 3 months. This bill was discounted by Sejal for ₹ 74,600. Sejal after making the payment of first bill sent 3/4th of the smount remaining to Harry. On maturity of the bill, Harry became bankrupt and his estate paying 40 paise in the rupee. Give journal entries in the books of Sejal. Also prepare ledger account of Harry. All workings should form part of the answer.? has been provided alongside types of Harry draws a bill on Sejal for ₹ 60,000 on 01.01.2023 for 3 months. Sejal accepts the bill and sends it back to Harry to get it discounted for ₹ 56,000. Harry remits 1/4th amount to Sejal. On the due date, Harry was unable to remit his share to Sejal, rather accepts a bill of ₹ 80,000 for a period of 3 months. This bill was discounted by Sejal for ₹ 74,600. Sejal after making the payment of first bill sent 3/4th of the smount remaining to Harry. On maturity of the bill, Harry became bankrupt and his estate paying 40 paise in the rupee. Give journal entries in the books of Sejal. Also prepare ledger account of Harry. All workings should form part of the answer.? theory, EduRev gives you an
ample number of questions to practice Harry draws a bill on Sejal for ₹ 60,000 on 01.01.2023 for 3 months. Sejal accepts the bill and sends it back to Harry to get it discounted for ₹ 56,000. Harry remits 1/4th amount to Sejal. On the due date, Harry was unable to remit his share to Sejal, rather accepts a bill of ₹ 80,000 for a period of 3 months. This bill was discounted by Sejal for ₹ 74,600. Sejal after making the payment of first bill sent 3/4th of the smount remaining to Harry. On maturity of the bill, Harry became bankrupt and his estate paying 40 paise in the rupee. Give journal entries in the books of Sejal. Also prepare ledger account of Harry. All workings should form part of the answer.? tests, examples and also practice UPSC tests.
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