, for Rs. , . He drew a bill of exchange for the same amount on Tahir for days. On the same date Tahir accepted the bill and returned it to Abdulla.
On the due date Abdulla presented the bill to Tahir which was dishonoured. Abdulla paid Rs. as noting charges. Five days after the dishonour of his acceptance Tahir settled his debt by making a payment of Rs.
, including interest and noting charges. Record the necessary journal entries in the books of Abdulla and Tahir. Also prepare Tahir’s account in the books of Abdulla and Abdulla’s account in the books of Tahir. .
Asha sold goods worth Rs. , to Nisha on March , . Rs. , were paid by Nisha immediately and for the balance she accepted a bill of exchange drawn upon her by Asha payable after three months.
Asha discounted the bill immediately with her bank. On the due date Nisha dishonoured the bill and the bank paid Rs. as noting charges. Record the necessary journal entries in the books of Asha and Nisha.
. On Feb. , , Verma purchased from Sharma goods for Rs. , .
Verma paid Rs. , immediately and for the balance gave a promissory note to Sharma payable after days. Sharma immediately endorsed the promissory note in favour of his creditor. Gupta for the full settlement of a debt of Rs.
, . On the due date of the bill Gupta presented the bill to Verma which the latter dishonoured and Gupta paid Rs. , noting charges. On the same date Gupta informed Sharma about the dishonour of the bill.
Sharma settled his debt to Gupta by cheque for Rs. , which includes noting charges and interest. Verma settled Sharma’s claim by cheque for the same amount. Record the necessary journal entries is the books of Sharma, Gupta and Verma for the above transaction and prepare Verma’s and Gupta’s accounts in the books of Sharma.
Sharma’s account in the books of Verma. And also Sharma’s account in the books of Gupta. . Lilly sold goods to Methew on .
. for Rs. , and drew upon Methew a bill