Noting Charges

Mohan owes Shynam ₹ 6,000. Mohan accepts a three months bill for ₹ 5,900 being in full settlement of the claim on 1st January 2019. on its due the bill is dishonoured settlement of the claim on 1st 2019. On its due date the bill is dishonoured Noting charges are paid by Shyam ₹150. give the journal entries in the books of Mohan.

Journalise the following transactions in the books of Kamal: Ganesh informs kamal that sahani's Promissory Note for ₹ 75,000 is dishonoured and noting charges ₹ 250 have been paid. Kamal pays Ganesh by cheque and withdraws the promissory note.

Journalise the following transactions in the books of Gulshan: Dutt's promissory note for ₹ 70,000 which Gulshan had endorsed in favour of mayur dishonourd. Mayur paid ₹ 1,000a noting charges. Gulshan pays Mayur by cheque and accepts from Dutt another billl for the amount due plus interset, ₹ 1,500.

Ankit owes Nikita a sum of Rs 6,000. On April 01, 2016 Ankit gives a promissory note for the amount for 3 months to Nikita who gets it discounted with her bankers for Rs 5,760. on the due date the bill is dishonoured, the bank paid Rs 15 as noting charges. Ankit then pays Rs 2,000 in cash and accepts a bill of exchange drawn on him for the balance together with Rs 100 as interest. This bill of exchange is for 2 months and on the due date the bill is again dishonoured, Nikita paid Rs 15 as noting charges. Draft the journal entries to be recorded in Nikita’s books

Abdulla sold goods to Tahir on Jan 17, 2017 for Rs 18,000. He drew a bill of exchange for the same amount on Tahir for 45 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 40 as noting charges. Five days after the dishonour of his acceptance Tahir settled his debt by making a payment of Rs 18,700 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.

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.

Amar sold goods for ₹ 50,000 to Bhaskar on 1st January, 2019 and on the same day he drew a bill on Bhaskar at three at three monthsfor the amount . The bill is duly accepted but is dishonoured on the due date. Amar pays ₹ 1,000 as noting charges. Record these transactions in the journals of Amar and Bhaskar. ( Ignore GST)

On May 01, 2016 Mohit sends his promissory note of Rs 6000 for 3 months to Rohit. Rohit gets it discounted with his bankers at 18 percent per annum on May 04. On the due ate the bill is dishonoured, the bank paying Rs 10 as noting charges. Rohit agrees to accept Rs 2,130 in cash (including Rs 130 for noting charges and interest) and another promissory note for Rs 4,000 at 2 months. On the due date, Mohit approaches Rohit again and asks for renewal of the bill for a further period of 3 months. Rohit agrees to the request, provided Mohit pays Rs 200 as interest in cash. This last bill is paid on maturity. Draft journal entries in the books of Mohit and Rohit.

On Feb. 02, 2017, Verma purchased from Sharma goods for Rs 17,500. Verma paid Rs 2,500 immediately and for the balance gave a promissory note to Sharma payable after 60 days. Sharma immediately endorsed the promissory note in favour of his creditor. Gupta for the full settlement of a debt of Rs 15,400. On the due date of the bill Gupta presented the bill to Verma which the latter dishonoured and Gupta paid Rs 5,000 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 15,500 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.

Leena sold goods to Meena on 1st March , 2009 for ₹ 68,000 and drew two Bills of Exchange of the equal amount upon Meena payable after three months. Leena immediately discounted the first bill with her bank at 12% p.a. the bill was dishonoured by Meena and Bank paid ₹ 55 as noting charges. The second bill was retired on 4th May , 2009 under a rebate of 6% p.a. with mutual agreement. Journalise the above in the books of Leena and meena.