Maturity Of Bills

On Jan. 01, 2016 Arun sold goods for Rs 30,000 to Sunil. 50% of the payment was made immediately by Sunil on which Arun allowed a cash discount of 2%. For the balance Sunil drew a promissory note in favour of Arun payable after 20 days. Since, the date of maturity of bill was a public holiday, Arun presented the bill on a day, as per the provisions of Negotiable Instrument Act which was met by Sunil. State the date on which the bill was presented by Arun for payment and Jounalise the above transactions in the books of Arun and Sunil.

Viaml purchased goods Rs 25,000 from Kamal on Jan 15, 2016 and accepted a bill of exchange drawn upon him by Kamal payable after two months. On the date of the maturity the bill was duly presented for payment. Vimal dishonoured the bill. record the necessary journal entries in the books of Kamal and Vimal when. • The bill was retained by Kamal till the date of its maturity. • The bill was immediately discounted by Kamal with his bank @ 6% p.a. • The bill was endorsed by Kamal in favour of his creditor Sharad. • Five days before its maturity the bill was sent by Kamal to his bank for collection

On Jan 01,2017 Shieba sold goods to Vishal for Rs 10,000 and drew upon him a bill of exchange for 2 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 200, (iii) When the bill is endorsed to Lal Chand by Shieba.

On 20th Marchm 2019, Naresh sold goods, to Kailash to the value of ₹ 1,250. taking a bill at 3 months for the amount. On maturity the bill was dishonoured Naresh paid ₹ 10 as noting charges. On 1st july, Kailash clared his account by paying ₹ 1,260.

X draws a bill on Y for ₹ 2,000 on 1st January , 2019 Y accepts the same and returns it to X. the bill was drawn by X in full settlement of a dept owing by amounted to ₹ 2,050. X discunts the bill on the same with Central Bank of India for ₹ 1,980. on maturity the bill was duly met by Y. Give the entries in the books af X and Y. Suppose the bill is dishonoured , what entries will be passed ?

Ascertainment Of Bill Receivable And Bills Payable

Endorsement Of Bills

Discounting Of Bills