Question 2 Chapter 14 – Class 11 Unimax

Question 2 Chapter 14 – Class 11 Unimax

02. On 1.3.2020, A sold to B goods of the value of ₹ 10,000 for which A drew a bill on B for 3 months after sight. B accepted the bill on 10.3.2020. On the due date, the bill was honoured. Pass journal entries in the books of A and B.

The solution of Question 2 Chapter 14 – Class 11 Unimax

Journal for Mr. ‘A’ (Drawer)

Date	Particulars		L.F.	Debit	Credit
2020
Mar.1	B’s A/c	Dr.		10,000
	To Sales A/c				10,000
	(Being goods sold on credit)
Mar.10	Bill Receivable A/c	Dr.		10,000
	To B’s A/c				10,000
	(Being the bill for three months drawn and accepted)
June.13	Cash A/c	Dr.		10,000
	To Bill receivable A/c				10,000
	(Being the bill honoured on the due date)

 

Journal for Mr. ‘B’ (Drawee)

Date	Particulars		L.F.	Debit	Credit
2020
Mar.1	Purchases A/c	Dr.		10,000
	To A’s A/c				10,000
	(Being goods purchased on credit from A)
Mar.10	A’s A/c	Dr.		10,000
	To Bill payable A/c				10,000
	(Being the bill for accepted for 3 months and returned)
June.13	Bill payable A/c	Dr.		10,000
	To Cash A/c				10,000
	(Being the bill met on due date)