On 1st April Mr. Boss draws a bill of $ 10000 on Mr. Lolo for the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On 1st April Mr. Boss draws a bill of $ 10000 on Mr. Lolo for the amount due for 4 months. On getting acceptance, on 5th April, Boss endorses it to Mr. Kat in full settlement of his claim of $*14000 by paying the difference in cash. Lolo approached Boss on 25th July saying that he needed to renew the bill for a further period of 4 months at an interest of 12% p.a. which Boss accepted. A fresh bill including interest was accepted by Lolo on 1st August. Boss settled his liability to Kat by cheque. This was duly settled on the due date. Pass journal entries in the books of Boss and Lolo. On 1st April Mr. Boss draws a bill of $ 10000 on Mr. Lolo for the amount due for 4 months. On getting acceptance, on 5th April, Boss endorses it to Mr. Kat in full settlement of his claim of $*14000 by paying the difference in cash. Lolo approached Boss on 25th July saying that he needed to renew the bill for a further period of 4 months at an interest of 12% p.a. which Boss accepted. A fresh bill including interest was accepted by Lolo on 1st August. Boss settled his liability to Kat by cheque. This was duly settled on the due date. Pass journal entries in the books of Boss and Lolo.
Expert Answer:
Related Book For
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
Pass journal entries in the books of Henry for the following transactions : (i) Henrys's acceptance to Nick for $1,000 renewed for 3 month with interest at 10% p.a. (ii) Nil's acceptance to Henry was...
-
For their mutual accommodation a draws A bill for RS. 5,000 on B for three months. B accepts it and return it to A. the proceeds of the bill are to be shared by A and B in the ratio of 3/5 and 2/5...
-
The XYZ Corporation was duly organized on July 10. Its certificate of incorporation provides for total authorized capital of $1 million, consisting of ten thousand shares of common stock with a par...
-
The balance sheet for the Heir Jordan Corporation follows. Based on this information and the income statement in the previous problem, supply the missing information using the percentage of sales...
-
What advantages and disadvantages are there in using sampling when performing an investigation?
-
If appropriate, evaluate the following integrals by substitution. If substitution is not appropriate, say so, and do not evaluate. (a) x sin(x) dx x 1+x2 dx (c) / (e) [xx dx (b) / x [x sin x dx [ [a...
-
Identify the common requirements for a valid common law marriage.
-
1. What characteristics did Salvatore Parasuco possess that made him successful as an entrepreneur? 2. The visibility of Parasuco jeans is higher in other countries than in Canada. Why might this be...
-
a. The company has one truck that it purchased at the start of this year. The truck cost $75,000, had an estimated useful life of five years and is expected to have zero value at the end of the five...
-
You're the pricing product manager for Lyft's ride-scheduling feature, and you're launching a new city --Toledo. The prevailing rate that people are used to paying for rides from the airport to...
-
tive 2.1 Managerial Cost Concepts You reached 100% progress. Keep going in Study Mode or exit the assignment. Major Industries manufactures covers for iPads. One of its most popular products,...
-
About what percent of the years will it rain more than 36 inches in Ferndale (see Problem 48)? Data from Problem 48 Suppose that the annual rainfall in Ferndale, California, is known to be normally...
-
Nonprobability sampling assumes that some elements of the population have no chance of selection or the probability of selection can't be accurately determined. Some types of nonprobability sampling...
-
Problems 45-50 show scatter diagrams along with a best-fitting line. Match the best-fitting line in each with an appropriate equation named \(\mathrm{A}-\mathrm{H}\). A. \(y=0.5 x-4\) B. \(y=-0.5...
-
What is the logic underlying the use of pooling-of-interests reporting for a business combination?
-
Draw a scatter diagram and find \(r\) for the data shown in each table in Problems 25-30. X 4 5 10 10 y 0 - 10 -10 -20
-
Michael Paul, a small service firm, uses the high-low method to estimate electricity cost, which varies in relation to machine hours as follows: Month Machine hours Electricity expense May June 110...
-
Tell whether the angles or sides are corresponding angles, corresponding sides, or neither. AC and JK
-
Data for Helwany Company are presented in P12-7A. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were...
-
For what reasons might a company like IBM repurchase some of its stock (treasury stock)? Discuss.
-
Gwyn Wallander is the new owner of Bennett Co. She has heard about internal control but is not clear about its importance for her business. Explain to Gwyn the four purposes of internal control, and...
-
Enter up the relevant accounts in the purchases and general ledgers from the columnar purchases day book you completed for Review Question 20.2. Data From Review Question 20.2 20.2 Enter up a...
-
A Enter up a columnar purchases day book with columns for the various expenses for F. Graham for the month from the following information on credit items. 2016 June Bought goods from J. Syme 4 Bought...
-
Enter up the relevant accounts in the purchases and general ledgers from the columnar purchases day book you completed for Review Question 20.4A. Data From Review Question 20.4A 20.4A Enter up a...
Study smarter with the SolutionInn App