accounts(bills of exchange )

Q5)Journalize the following transactions in the books of Mr.Vivek:
(a)On 1st january,2010,sameer informs vivek that mahesh’s acceptance for Rs 32,000 endorsed to sameer has been dishonoured.noting charges Rs 800.
(b)On 1st February,2010,subhash renews his acceptance of vivek for Rs 30,000 by paying Rs 14,000 in cash and accepting fresh bill for the balance plus interest @ 10% p.a. for 3 months
(c).on 5th February 2010,Dinesh retired his acceptance to vivek for Rs 12,000 by paying Rs 11,600 in cash
(d).On 1st march 2010 vivek sent a bill on sohan for Rs 20,000 to Bank for collection.Bank informed that the bill has been dishonoured by sohan.
Show the journal of vivek.

Problem no 5th solutions :
IN THE BOOKS OF MR.VIVEK
DATE PARTICULARS L.F AMOUNT AMOUNT
2010
JAN.1. Mahesh’s A/c………………………………Dr.32,000

    To Sameer’s A/c……………………….Cr 32,000
(Being Mahesh’s accept endorsed to sameer dishonored)
Jan .1. Mahesh’s A/c……………………………….Dr.
   To Sameer’s A/c………………………..Cr.
(Being noting charges paid and adjusted)
800

800
Feb 1. Subhash’s A/c ………………………………Dr30,000
     To Bills Receivable……………………Cr.30,000
(Being bill cancelled at the request of subhash)



Feb.1. Subhash’s A/c……………………………..Dr.
    To interest A/c…………………………Cr.
(Being interest on balance amount due from subhash) 30,000

30,000
Feb.1. Cash/Bank A/c……………………………..Dr.14,000
    To Subhash’s A/c……………………Cr.14,000
(Being part payment received)


Feb.1. Bills Receivable A/c………………………Dr.16,400
    To Subhash’s A/c………………………Cr.16,400
(Being new acceptance received for balance including interest)


Feb.5. Cash/Bank A/c………………………..Dr.11,600
Rebate A/c………………………………Dr.400
    To Bills Receivable A/c……………….Cr12,000

     
 

12,000
Mar.1 Bank for collection A/c…………………Dr.20,000
     To Bills Receivable A/c……………...Cr20,000
(Being bill sent to bank for collection)


Mar.1 Sohan’s A/c ……………………………….Dr.20,000
   To Bank for collection A/c ………..Cr20,000
(being sohan’s accept sent to the bank dishonoured)