(i)Rajan retired his acceptance to Amar for ? 20,000 before maturity andrebate of 400.Two month before due date. Kamal informed Rajan that he wants t Pajanpayment of his acceptance amounting to7 15.000 immediately to whichagreed. He allowed a rebate @ 8% p.a.(ii)[Ans.(i) Cash paid ? 19,600 (ii) Rebate 200]> Dishonour and Renewal of BIl16. On 1st January, 2019, X sold goods to Y for 7 12.000 and immediately received homaccepted the bill and returned it to X, On due date the bill was dishonoured and X paid heas noting charges. Ten days later, Y païd the amount due to X. Pass journal entries n urebooks of both parties.[Ans. Cash received by X 7,050]17. On 1st January, 2019 P' purchased goods worth 3 6.000 from Q. P accepted a hnemonths bill for 6,000. On the due date, it was dishonoured. Noting charges paid by Q S0.On April 4, 2019, P requested Q for renewal of he bill for another two months, for which Qagreed, provided that interest was paid @ 12% p.a. in cash.Make journal entries to these transactions in the books of P and Q.LANS. Interest 121, Amount of renewal bill 6,050]18. On 1st April 2019, X sold goods for the value of 5,000 to Y and drew upon him atbill for three months for the amount. Y accepted that draft. On the due date, Y expressed hisinability to meet the bill and offered to pay 2,000 in cash and accepted a new bill for thebalance plus interest at 10% p.a. for two months. X agreed to this.proposal. On maturity, thisbill was duly met by Y. Pass entries in the books of X and Y.[Ans. Interest 50, Amount of new bill 7 3,050]> Discounted BIll Dishonoured19. Ram sold goods worth 4,000 to Mohan on 1st January, 2019. On the same date, Ramdraws a bill on Mohan for 4,000 for a period of three months, which is duly accepted byMohan. Ram discounted it with his bank at 6%. On the date of maturity the bill wasdishonoured, the bank paid 50 as noting charges.On April 4, Mohan accepted a new bill for 2 months drawn by Ram for the amount duetogether with interest @ 12% p.a. This bill was duly met.[Ans. Discount 60, Interest 81 on 4,050, New bill for 4,131]20. X sold g0ods to Y for 15,000 on 1st January, 2019 and drew a bill on later for theamount payable after 3 months. Y accepted the bill and returned it to X. X discounted the billwith his bank 8% p.a. The bill was dishonoured on due date and bank paid 150 as notingcharges. Y paid 5,150 by cheque to X and accepted a new bill for the balance amount duetogether with interest @ 12% p.a. for 2 months. Y showed his inability to meet this bill. Heagain requested X to draw a new bill for the amount along with 200 towards interest forI month. X agreed. This bill was met on maturity.Pass entries in the books of both X and Y.[Ans. Discount 300, New bill for 10,200 (2 10,000+ 200 interest, third Bill drawn for ? 10.4001> Dishonour of Endorsed Bill21. On Ist January, 2019, B accepted a bill of 3 months for { 10,000 written on him by AA endorsed it to C. The bill was dishonoured on the due date, C had to spend 50 as notinochargesA after twenty days accepted a new bill for 2 months drawn by C, in which 200 for interestwere also included. After 10 days of the dishonour of the bill. B paid full money to A including100 as interest. A honoured his acceptance to C.Show journal entries in the books of A, B and C.

A bill of exchange appears to be a collection of written instructions committing one party to pay a…

16. On 1st January, 2019, X sold goods to Y for ? 12.000 and immediately received Y 5,000 in cash and on the same day drew a bill on Y at three months for the balance accepted the bill and returned it to X, On due date, the bill was dishonoured and X paid he as noting charges. Ten days later, Y paid the amount due to X. Pass journal entries n tuhe books of both parties. 70501

16. On 1st January, 2019, X sold goods to Y for ? 12.000 and immediately received Y 5,000 in cash and on the same day drew a bill on Y at three months for the balance accepted the bill and returned it to X, On due date, the bill was dishonoured and X paid he as noting charges. Ten days later, Y paid the amount due to X. Pass journal entries n tuhe books of both parties. 70501

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Record journal entries for the following transactions of Hansen Bakery Company. Jan. 1, 2020 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2022 Issued a $265,500 note to customer Jack Bullock as terms of a merchandise sale. The merchandise's cost to Hansen Bakery Company is $89,750. Note contract terms included a 36-month maturity date, and a 4.3% annual interest rate. Hansen Bakery Company records interest accumulated for 2020. Hansen Bakery Company records interest accumulated for 2021. Jack Bullock honors the note and pays in full with cash.
Do a journal entry based on this transections, round interest amounts to the nearest dollar,
23 Mr Hamed having furniture manufacturing business in Ibri. Always he purchases wood (Raw materials) from Al Buraimi wood suppliers.On 1st May 2021 Mr Hamed purchased wood for OMR3000 on credit and paid OMR 1000 immediately. For the remaining amount Mr Hamed gave written promise to the supplier to pay that amount on 31st December 2021. The written promise given by Mr Hamed to the supplier is known as: a. Short-term notes receivables b. Invoice c. Receipt d. Short term notes payables
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