Vishal sold goods for Rs 7,000 to Manju on Jan 05, 2016 and drew upon her a bill of exchange payable after 2 months. Manju accepted Vishal’s draft and handed over the same to Vishal after acceptance. Vishal immediately discounted the bill with his bank@12% p.a. On the due date Manju met her acceptance. Journalise the above transactions in the books of Vishal and Manju.

On Jan 01, 2016 Neha sold goods for Rs 20,000 to Muskan and drew upon her a bill of exchange payable after two months. One month before the maturity of the bill Muskan approached Neha to accept the payment against the bill at a rebate @ 12% p.a. Neha agreed to the request of Muskan and Muskan retired the bill under the agreed rate of rebate. Journalise the above transaction in the books of Neha and Muskan.

On Jan 01, 2017 Vibha sold goods worth Rs 18,000 to Sudha and drew upon the latter a bill of exchange for the same amount payable after two months. Sudha accepted Vibha’s draft and returned the same to Vibha after acceptance. Vibha endorsed the bill immediately in favour of her creditor Geeta. Five days before the maturity of the bill Sudha requested Vibha to cancel the bill since she was short of funds. She further requested to draw a new bill upon her including interest of Rs 200. Vibha accepted Sudha’s request. Vibha took the bill from Geeta by making the payment to her in cash and cancelled the same. Then she drew a new bill upon Sudha as agreed. The new bill was payable after one month. The new bill was duly met by Sudha on maturity. Record the necessary journal entries in the books of Vibha.

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 Jan 01, 2016 Rao sold goods Rs 10,000 to Reddy. Half of the payment was made immediately and for the remaining half Rao drew a bill of exchange upon Reddy payable after 30 days. Reddy accepted the bill and returned it to Rao. On the due date Rao presented the bill to Reddy and received the payment. Journalise the above transactions in the books Rao and prepare of Rao’s account in the books of Reddy.

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.

Mohan singh draws a bill on Jagat for ₹ 1,000 payable 2 month s after date. Immediately after its acceptance, Mohan Singh sends to his the bill to his bank for collection. On due date, bank gets the payment. Make the entries in the books of all the parties.

On 1st January , 2019 A drew a bill on B for ₹ 10,000 payable after 3 months . B accepted the bill and returened it ot A. After 10 days. A endorsed the bill creditor C. On the due date, the bill was dishonoured and C paid ₹ 50 as noting charges. Record the transactions in the books of A,B and C.

On 1st January, 2019, A drew a bill on B for ₹ 5, 000 payable after 3 months. B accepted the bill and returned it to A. after 10days A endorsed the bill to his creditor C. On the due date the bill was dishonoured and C pair ₹100 as noting charges. Record the transactions in the Jornals of A, B and C.

On March 15,2017 Ramesh sold goods for Rs 8,000 to Deepak on credit. Deepak accepted a bill of exchange drawn upon him by Ramesh payable after three months. On April, 15 Ramesh endorsed the bill in favour of this creditor Poonam in full settlement of her debt of Rs 8,250. On May 15, Ponnam discounted the bill with her bank @ 12% p.a On the due date Deepak met the bill. Record the necessary journal entries in the books of Ramsh, Deepak, Poonam.

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