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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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11.on Jan.1,2020 Rahim sold goods to Zahir for ₹ 25,000 and drew upon her a bill at 3 months for the amount. Zahir accepted the bill and returned it to Rahim. On March 4,2020, Zahir returned the bill under rebate @ 12% p.a. record journal entries in the books of both parties.
Journal for Mr. ‘Rahim’ (Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2020 | |||||
| Jan.1 | Zahir’s A/c | Dr. | 25,000 | ||
| To Sales A/c | 25,000 | ||||
| (Being goods sold on credit) | |||||
| Jan.1 | Bill receivable A/c | Dr. | 25,000 | ||
| To Zahir’s A/c | 25,000 | ||||
| (Being the bill for 3 months drawn and accepted) | |||||
| Mar.4 | Cash A/c | Dr. | 24,750 | ||
| Rebate A/c | Dr. | 250 | |||
| To Bill receivable A/c | 25,000 | ||||
| (Being the payment received under a bill allowed rebate @ 12% p.a.) | |||||
Journal for Mr. ‘Zahir’ (Drawee)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2020 | |||||
| Jan.1 | Purchases A/c | Dr. | 25,000 | ||
| To Rahim A/c | 25,000 | ||||
| (Being the goods purchased on credit) | |||||
| Jan.1 | Rahim A/c | Dr. | 25,000 | ||
| To Bill payable A/c | 25,000 | ||||
| (Being the bill for 3 months accepted and returned) | |||||
| Mar.4 | Bill payable A/c | Dr. | 25,000 | ||
| To Cash A/c | 24,750 | ||||
| To Rebate A/c | 250 | ||||
| (Being the bill retired under a rebate of 12% p.a.) | |||||
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 11 Chapter 14 – Class 11 Unimax", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 14 - Bills of Exchange - Unimax.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question 11 Chapter 14 – Class 11 Unimax" instantly.
