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Question No 41 Chapter No 15 - USHA Publication 11 Class

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Question No 41 Chapter No 15

Renewal of Bill

41. Journalise the following transaction
(a)Retired our acceptance in favor of Ram for Rs 5,000 by cheque Rs 2,000 and a new bill the balance at two months with Rs 125 as interest
(b)Our acceptance to Karan for Rs 9,000 renewed for three months with interest at 6% p.a.
(c)Archana on whom we had drawn a bill for Rs 2,500 has become insolvent and 40% has been received in final payment
(d)Raghu’s acceptance in our favor has been dishonoured for Rs 2,000. he pays Rs 500 in cash and accepts a new bill for the balance plus interest at 8% p.a at 3 months

The solution of Question No 41 Chapter No 15: -

Journal

Date	Particulars		Debit	Credit

(a)	Bill Payable A/c	Dr.	5,000
	To Ram A/c			5,000
	(Being cancellation of the bill.)

	Ram A/c	Dr.	2,000
	To Bank A/c			2,000
	(Being payment received from Ram.)
			125
	Intrest A/c			125
	To Ram A/c

	Ram A/c	Dr.	3,125
	To Bill Payable A/c			3,125
	(Being new bill for the balance of the amount.)

(b)	Bill Payable A/c	Dr.	9,000
	To Karan A/c			9,000
	(Being the cancellation of old bill.)

	Interest A/c	Dr.	135
	To Karan A/c			135
	(Being interest paid in cash.)

	Karam A/c	Dr.	9,135
	To Bills Payable A/c			9,135
	(Being acceptance of the new bill for amount with interest.)

(C)	P A/c	Dr.	2,500
	To Bill Receivable A/c			2,500
	(Being the cancellation of old bill.)

	Cash A/c	Dr.	1,000
	Bad Debts A/c	Dr.	1,500
	To P A/c			2,500
	(Being amount received from the estate of P balance written off bad debts.)

(d)	Raghu A/c	Dr.	2,000
	To Bill Receivable A/c			2,000
	(Being the cancellation of old bill.)

	Cash A/c	Dr.	500
	To Raghu A/c			500
	(Being amount received from Raghu in part of Payment.)

	Raghu A/c	Dr.	30
	To Interest A/c			30
	(Being interest on Rs 1,500 @ 8% for 3 months.)

	Bill Receivable A/c	Dr.	1,530
	To Rahu A/c			1,530
	(Being receipt of new bill for the balancing amount including interest.)