books of Anju (receiver):

books of Anju (receiver): When the bill was kept by Anju with her till maturity Manju’s A/c To Bill Receivables A/c When the bill had been endorsed by Anju in favour of Sandhya Manju’s A/c To Sandhaya’s A/c When the bill was discounted by Anju with his bank Manju’s A/c When the bill was sent for collection by Anju Manju’s A/c To Bill Sent for Collection A/c Illustration On Jan , Shieba sold goods to Vishal for Rs. , and drew upon him a bill of exchange for months. Vishal accepted the bill and returned it to Shieba. On the date of maturity the bill was dishonoured by Vishal. Record the necessary entries in all the cases listed below in the books of Shieba and Vishal: (i) When the bill kept by Shieba till its maturity; (ii) When the bill is discounted by Shieba for Rs. ; (iii) When the bill is endorsed to Lal Chand by Shieba. Solution (i) When the bill was kept by Shieba till its maturity. Books of Shieba Amount Amount Jan. Vishal’s A/c To Sales A/c (Sold goods to Vishal) Bills Receivable A/c To Vishal’s A/c (Received Vishal’s acceptance) Mar. Vishal’s A/c (Vishal dishonoured his acceptance) (ii) When the bill was discounted by shieba Jan. Vishal’s A/c To Sales A/c (Sold goods to Vishal) Bills Receivable A/c To Vishal’s A/c (Received Vishal’s acceptance) , Discount A/c (Vishal’s Bill dishonoured his acceptance) Mar. Vishal’s A/c (Discounted bill dishonoured by Vishal) (iii) When the bill was endorsed by Shieba to Lal Chand Amount Amount Jan. Vishal’s A/c To Sales A/c (Sold goods to Vishal) Bills Receivable A/c To Vishal’s A/c (Received Vishal’s acceptance) Lal Chand A/c (Vishal’s acceptance endorsed in favour of Lal Chand) Mar. Vishal’s A/c To Lal Chand A/c (Endorsed bill dishonoured by Vishal) Whereas, in the book of Vishal, the following entries will be recorded Books of Vishal Jan. Purchases A/c To Shieba’s A/c (Purchased good from shieba) Shieba’s A/c To Bills Payable A/c (Accepted Shieba’s draft) Mar. Bills Payable A/c To Shieba’s A/c (Acceptance in favour of shieba dishonoured)