was presented by Arun for payment and Jounalise the above transactions in the books of Arun and Sunil. . Darshan sold goods for Rs. , to Varun on .
. and drew upon him a bill of exchange payable after two months. Varun accepted the bill and returned the same to Darshan. On the due date the bill was met by Varun.
Record the necessary Journal entries in the books of Darshan and Varun in the following circumstances. When the bill was retained by Darshan till the date of its maturity. When Darshan immediately discounted the bill @ % p.a. with his bank.
When the bill was endorsed immediately by Darshan in favour of his creditor Suresh. When three days before its maturity, the bill was sent by Darshan to his bank for collection. . Bansal Traders allow a trade discount of % on the list price of the goods purchased from them.
Mohan traders, who runs a retail shop made the following purchases from Bansal Traders. (Rs.) Dec. , , Dec. , , Dec.
, , Dec. , , For all the purchases Mohan Traders drew promissory note in favour of Bansal Traders payable after days. The promissory note for the sale of Dec. , was retained by Bansal Traders with them till the date of its maturity.
The promissory note drawn on . . was discounted by Bansal Traders from their bank at % p.a. The promissory note drawn on Dec.
, was endorsed by Bansal Traders in favour of their creditor Dream Soaps in full settlement of a purchase amounting to Rs. , . On . .
Bansal Traders sent the promissory note drawn on Dec. , to their bank for collection. All the promissory notes were met by Mohan Traders. Record the necessary journal entries for the above transactions in the books of Bansal Traders and Mohan Traders and prepare Mohan Traders account in the books of Bansal Traders and Bansal Traders account in the books of Mohan Traders.
. Narayanan purchased goods for Rs. , from Ravinderan on Feb. , .