AID15372: Journalise the following transactions in K. Katrak’s books.

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Q: Journalise the following transactions in K. Katrak’s books.

(i)  Katrak’s acceptance to Basu for Rs.2,500 discharged by a cash payment of Rs.1,000 and a new bill for the balance plus Rs.50 for interest.

(ii) G. Gupta’s acceptance for Rs.4,000 which was endorsed by Katrak to M. Mehta was dishonoured. Mehta paid Rs.20 noting charges. Bill withdrawn against cheque.

(iii) D. Dalal retires a bill for Rs.2,000 drawn on him by Katrak for Rs.10 discount.

(iv) Katrak’s acceptance to P. Patel for Rs.5,000 discharged by P. Mody’s acceptance to Katrak for a similar amount.

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