Answer question 41 Bank paid bb 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 Leenn and Meena.
(KW'S 2010
40. How will you record the following transactions in the books of Kapadia?
(a) A bill received from Dalpat for 1,000 has to be renewed, Dalpat agrees to pay 20
as interest.
(b) Swam fs bill for 800 endor d in favour of Ghosh dishonoured, Ghosh pays 10 as noting
charges. Swamy pays 300 immediately and agrees to accept a new bill 3 months
the balance together with interest at 6% p. a. Ghosh's Account is settled by cheque.
41. Y purchased goods for 6,000 on 1st June, 2011 from X and on the same date accepted a
bill payable after three months. 3 days later, X endorsed the bill to Z On maturity, the bill
was dishonoured for non-payment and Z had to pay 50 as noting charges. Two days after
the dishonour of bill, Y paid 2,000 to X and requested him to draw a second bill for the
balance plus 90 for the amount of interest, payable after two months. X accepted the
prox)sal and draws the bill on Y, which was accepted by Y and was duly met on maturity.
Pass Journal entries for the above transactions in the books of X.
(MSE Chandigarh 201
