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Answer

Record the following transactions in the books of Sharma: Sharma’s acceptance in favour of Banerji for ₹ 2,000 dishonoured. Banerji agreed to receive ₹ 1,000 in cash and a new bill at 3 months for ₹ 1,000. Interest @ 6% p.a. is to be paid immediately by cash

Solution:-

Anurag Pathak
October 25, 2023

Ram’s acceptance for ₹ 20,000 renewed for 3 months, plus interest @ 5% p.a

Solution:-

Anurag Pathak
October 25, 2023

Record the following transactions in the books of Mehta Mehta’s acceptance for ₹ 2,500 retired before due date for a discount of ₹ 50.

Solution:-

Anurag Pathak
October 25, 2023

Record the following transactions in the books of Mehra Mehra’s acceptance for ₹ 1,500 in favour of Chopra renewed for 3 months together with interest @ 6% p.a

Solution:-

Anurag Pathak
October 25, 2023

B’s acceptance for ₹ 1,000 due on this day, was renewed at his request for 3 months with interest @ 6% p.a

Solution:-

Anurag Pathak
October 25, 2023

Y owed X ₹ 15,000 who drew on him one bill for ₹ 10,000 payable 2 months after date and other for ₹ 5,000 payable 3 months after date

Solution:-

Anurag Pathak
October 25, 2023

Ram owed ₹ 20,000 to Mohan on 1st January, 2023. On this date, he accepted a draft for the amount for 3 months

Solution:-

Anurag Pathak
October 25, 2023

Ram’s acceptance for ₹ 30,000 endorsed in favour of Shyam is dishonoured. Shyam pays ₹ 500 as noting charges

Solution:-

Anurag Pathak
October 25, 2023

A bill for ₹ 20,000 is drawn by A on B and accepted by the latter payable at Bank of India. Show what entries should be passed in the books of A under each of the following circumstances

Solution:-

Anurag Pathak
October 25, 2023

Y owes X ₹ 40,000. On 1st January, 2023, Y accepts a 3 months bill for ₹ 39,000 in satisfaction of his full claim

Solution:-

Anurag Pathak
October 25, 2023