Question 12 Chapter 14 – Class 11 Unimax

Question 12 Chapter 14 – Class 11 Unimax

12. On 15th June, 2019, Mohan sold goods to Sohan valued at ₹ 2,000. He drew a bill at 3 months for the amount and discounted the same with his banker at ₹ 1,960. On the date the bill was dishonoured and Mohan paid the bank the amount due plus the noting charges of ₹ 10.
Draft the journal entries in the books of all parties.

The solution of Question 12 Chapter 14 – Class 11 Unimax

Journal for Mr. ‘Mohan’ (Drawer)

Date	Particulars		L.F.	Debit	Credit
2019
June 15	Sohan A/c	Dr.		2,000
	To Sales A/c				2,000
	(Being goods sold on credit)
June 15	Bill receivable A/c	Dr.		2,000
	To Sohan A/c				2,000
	(Being the bill for 3 months drawn and accepted)
June 15	Cash A/c	Dr.		1,960
	Discount A/c	Dr.		40
	To Bill receivable A/c				2,000
	(Being the bill discounted from bank)
Sept.18	Sohan A/c	Dr.		2,010
	To Bank A/c				2,010
	(Being the bill dishonoured and paid ₹ 10 as noting charges)

 

Journal for Mr. ‘Sohan’ (Drawee)

Date	Particulars		L.F.	Debit	Credit
2020
June 15	Purchases A/c	Dr.		2,000
	To Mohan’s A/c				2,000
	(Being the goods purchased on credit)
June 15	Mohan A/c	Dr.		2,000
	To Bill payable A/c				2,000
	(Being the bill for 3 months accepted and returned)
Sept.18	Bill payable A/c	Dr.		2,000
	Noting charges A/c	Dr.		10
	To Mohan A/c				2,010
	(Being the bill dishonoured on due date and ₹ 10 paid as noting charges by Mohan)