On Jan 15, 2016 Raghu sold goods worth Rs 35,000 to Devendra and drew upto the latter three bills

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.

On Jan 15, 2015, Kartar Sold goods for Rs 30,000 to Bhagwan and drew upon him three bills of exchanges of Rs 10,000 each payable after one month, two month, and three months respectively. The first bill was retained by Kartar till its maturity. The second bill was endorsed by him in favour of his creditor Ratna and the third bill was discounted by him immediately @ 6% p.a. All the bills were met by Bhagwan. Journalise the above transactions in the books of Kartar and Bhagwan. Also prepare ledger accounts in books of Kartar and Bhagwan.

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 15th January, 2006 Sachin sold goods for ₹ 30,000 to Narain and drew upon later a bill for the same amount payable after 3 months. The bill was accepted by Narain. The bill was discounted by sachin from his bank for ₹29,250 on 31th January, 2006, on maturity the bill was dishonourd . he further agreed to pay ₹ 10,500 in cash including ₹ 500 interset and accept a new bill for two months for the remaining ₹ 20,000. the new bill was endorsed by sachin in favour of his creditor Kapil for debt of ₹ 20, 000. the new bill was duly met by Narain on maturity. give journal entries.

On 15th June , 2019 X sold to Y goods to the value of ₹ 15,000 drawing upon the latter two bills, one for ₹ 10,000 payable 2 months after date and other for ₹ 5,000 payable, 3 months favour after date. X discounted the first bill with his bank at 6% p.a. and endorsed the second bill in favour of his creadtior Z. the first bill was met on maturity but the second was dishonoured. Z paid ₹ 50 as noting charges. on 1st Ocatober. Y cleared his account to X by paying ₹ 5,100 which included ₹ 50 as interset. Record the necessary Journal entries in the books of both X and Y.

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.

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.

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 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.