On 1st April 2019 , Ram sold goods to Mohan for ₹ 50,000 . On the same date, Mohan accepted a bill drawn upon him by Ram at 3 months for ₹ 50,000. on the due date, the bill was met. Give the journal entries in the books of both the parties (Ignore GST).

Ram owes ₹ 2,000 to Mohan on 1st January 2019 on this date, he accepted a draft for the amount for 3 months.Mohan got the bill discunted at his bank @ 6% p.a. on the due date, the bill was dishonoured , noting charges ₹ 20. Ram agreed to pay ₹ 520 immediately and accpet another bill for the remaining amount for 3 months together with interset at 9% p.a.. this bill was met on the due date. give the journal entries in the books of both paties.

On 1st January, 2019 , Rolly owed ₹ 50,000 to Polly. On 1st February, he accepted a draft for 3 months drawn on him by Polly for the amount. On the due date, the bill was dishonoured the noting charges being ₹ 500. pass the journal entries in the books of polly in each of the following cases : (i) Bill is held till maturity by polly. (ii) Polly endorses the bill in favour of Golly immediately and (iii) Bill is discounted with the bank at 12% p.a. immediately.

On 1st January, 2019, Amrit sold goods to Bhanu for ₹ 50,000 and on the same day drew upon him a bill at 3 months fot he amount. Bhanu accepted the bill and returned it to Amrit. On 4th January , 2019 Amrit discounted the bill with his bank at ₹ 49,000. on the due date, the bill was dishonoued and bank paid ₹ 1,000 as noting chares. Pass the neccessary Journal entries in the books of Amrit and Bhanu.

Prakash received from Mohan an acceptance for ₹ 30,000 on 1st july, 2019 at 3 months. Prakash got this acceptance discounted @ 12% p.a. at his bank. On the due date, Mohan paid the required amount. Give the journal entries in the books of Prakash and Mohan (Ignore GST).

A drew upon B a bill for ₹ 60,000 at 2 months and B returned the bill duly accepted on 1st January , 2019. A discounted the bill with bank @ 15% p.a. Before the bill was due for payment, B informed A that he was not able to pay the full amount and requested A to accept ₹ 20,000 immediatelyj and draw upon hum another bill for the balance amount for 2 mounts along with interset @ 18% p.a. A agredd. the second bill was duly met. give the journal entries in the books of both A and B.

Darshan sold goods for Rs 40,000 to Varun on 8.1.2016 and drew upon him a bill of exchange payable after two months. Varun accepted the bill and returned the same to Darshan. On the due date the bill was met by Varun. Record the necessary Journal entries in the books of Darshan and Varun in the following circumstances. • When the bill was retained by Darshan till the date of its maturity. • When Darshan immediately discounted the bill @ 6% p.a. with his bank. • When the bill was endorsed immediately by Darshan in favour of his creditor Suresh. • When three days before its maturity, the bill was sent by Darshan to his bank for collection.

On 1st January , 2019 X sold goods of ₹ 20,000 to Y and drew a bill on Y at months of the amount. Y accepted the bill. The bill is met on maturity. Pass the necessary Journal entries in the books of X and Y , if X dicounted the bill @ 12% p.a. from bank on 4th January

A sells goods of ₹ 10,000 on 1st March, 2019 to B on credit. B accepts a bill on the same date for the amount payable three months after date. A discounts the bill at 6% p.a. from bank on 4th April.On maturity, the bill is met by B. Pass the necessary Journal entries in the books of both the parties.

On 15th June , 2019 Mohan sold goods to Sohan valued at ₹ 2,000. He drew a bill at 3 months for the amount and discounted the same with his bank for ₹ 1,960 . On the due date the bill was dishonoured and Mohan paid to the amount due plus the noting charges of ₹ 10. Pass the necessary Journal entries in the book of all parties.

On 1st march , 2019 Naresh sold goods to Y for ₹ 25,000 and immediately received from Y₹ 10,000 by cheque and drew a bill on Y at three months fort he balance amount. Bill is accepted by Y. Bill was disphonoured on the due date and Y paid ₹ 150 as noting charges. Ten days later, Y pays the due amount to X. pass the joural entries in the books of both the parties.