Q. 1) On 1st April 2015 Mr. Rich sold goods to Mr. Poor worth rupees Rs. 60,000. Mr. Poor accept the bill for Rs. 60,000 for 2 months. The bill is payable at SBI Bank Delhi. On the same day Mr. Rich gives bill to bank for collection. ( after 2 months ). On the due date the bill was honoured and Mr. Rich received the due amount. Give entries in the books of Mr. Rich and Mr. Poor.
Q. 2) On 1st January 2015, Mr. Salman drew a bill on Shahrukh for Rs. 10,000 payable after 3 months. Shahrukh accept the bill and returned it to Salman. After 10 day Salman endorsed the bill to his creditor Amir. On the due date, the bill was dishonoured and Amir paid Rs. 200 as noting charges. draft the journal entry in the books of all parties.
Q. 3) Mr Patlu purchased goods from Mr. Motu for Rs. 2,000 on 1st March 2015 and accepted a bill of exchange for 2 months drawn on him by Motu on the same date for the amounts. Motu got the bill discounted at his bank at 12% per annum. On the due date Patlu met the bill. Pass entries in the books of both parties.
Q. 4) Mr. X sold goods for Rs. 40,000 to Mr. Chhotu on 1st August, 2016 and on the same day he draw a bill on Mr Chhotu at 3 months for the amount 39,500 in full settlement. Bill is duly accepted but is dishonoured on the due date. Mr. X pays rupees 800 as noting charges. Record these transactions in the Journal Entries of both parties.
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