Question 10 Chapter 14 – Class 11 Unimax 

Question 10 Chapter 14 – Class 11 Unimax 

10. On 1st July,2019, Chander sold goods to Dinesh of the list price of ₹ 5,000 at 20% trade discount and on the same day drew a bill on Dinesh for the amount due payable after three months. Dinesh accepted the bill. On 4th September 2019, Dinesh retries his acceptance, receiving a rebate of 15% p.a. Pass entries in the books of both the parties.

The solution of Question 10 Chapter 14 – Class 11 Unimax 

Journal for Mr. ‘Chander’ (Drawer)

Date	Particulars		L.F.	Debit	Credit
2019
July 1	Dinesh A/c	Dr.		4,000
	To Sales A/c				4,000
	(Being goods sold to Dinesh @ 20% trade discount)
July 1	Bill receivable A/c	Dr.		4,000
	To Dinesh A/c				4,000
	(Being the bill for 3 months drawn and accepted)
Sep.4	Cash A/c	Dr.		3,950
	Rebate A/c	Dr.		50
	To Bill receivable A/c				4,000
	(Being the bill retired by Dinesh @ 15% p.a. before one month)

 

Journal for Mr. ‘Dinesh’ (Drawee)

Date	Particulars		L.F.	Debit	Credit
2019
July 1	Purchases A/c	Dr.		4,000
	To Chander A/c				4,000
	(Being the goods purchased on credit)
July 1	Chander A/c	Dr.		4,000
	To Bill payable A/c				4,000
	(Being the bill for 3 months accepted and returned)
Sep.4	Bill payable A/c	Dr.		4,000
	To Cash A/c				3,950
	To Rebate A/c				50
	(Being the bill retired under a rebate of 15% p.a. for one month)