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Question No 18 Chapter No 15 - USHA Publication 11 Class

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Question No 18 Chapter No 15

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18. Neha sold goods of Rs 7,000 to Chanda. On 1st February 2019, Neha received one month’s promissory note of Rs 6,800 is the full settlement of Chanda’s account. Neha transferred this promissory note immediately to Sheffali in full settlement of her account of Rs 10,000 and for the remaining amount, Neha sent a cheque to Sheffali. The promissory note was honoured on due date.
Pass the journal entries in the books of Neha and Chanda.

The solution of Question No 18 Chapter No 15: -

In the books of Neha (Drawer)

Date	Particulars		Debit	Credit
2018
Feb.1	Chanda A/c	Dr.	7,000
	To Sales A/c			7,000
	(Being goods sold on credit)

Feb.1	Bill Receivable A/c	Dr.	6,800
	Discount A/c	Dr.	200
	To Chanda A/c			7,000
	(Being Acceptance received for one month and discount allowed)

Feb.1	Shaffali A/c	Dr.	10,000
	To Bill Receivable A/c			6,800
	To Bank A/c			3,200
	(Being Shaffali’s account settled)

In the books of Chanda (Drawee)

Date	Particulars		Debit	Credit
2018
Feb.1	Purchases A/c	Dr.	7,000
	To Neha A/c			7,000
	(Being goods purchased on credit)

Feb.1	Neha A/c	Dr.	7,000
	To Bill Payable A/c			6,800
	To Discount received A/c			200
	(Being acceptance given for one month and discount received )

Mar.4	Bill Payable A/c	Dr.	6,800
	To Cash A/c			6,800
	(Being bill met on Maturity)