Pass journal entries in the books of Henry for the following transactions : (i) Henrys's acceptance...

Transcribed Image Text:

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 $ 1200 was retired one month before due date at a discount of 12% p.a. (iii) Discounted Nat's acceptance to Henry for $3,000 with the bank for $2,920 (iv) Nelson requests Henry to renew his acceptance for $2,500 for 3 months. Henry accepted on the condition that interest of $ 50 was paid in cash which Nelson did. (v) Received an acceptance from Gin for ` 1,200 and it was endorsed to Sam in full settlement of his claim In the book of Henry 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 $ 1200 was retired one month before due date at a discount of 12% p.a. (iii) Discounted Nat's acceptance to Henry for $3,000 with the bank for $2,920 (iv) Nelson requests Henry to renew his acceptance for $2,500 for 3 months. Henry accepted on the condition that interest of $ 50 was paid in cash which Nelson did. (v) Received an acceptance from Gin for ` 1,200 and it was endorsed to Sam in full settlement of his claim In the book of Henry

Answer rating: 100% (QA)

The detailed ... View the full answer