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Question 22 Chapter 14 – Class 11 Unimax

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Question 22 Chapter 14 – Class 11 Unimax

Nikhil sold goods for ₹ 23,000 to Akhil on Dec. 1, 2019. He drew upon Akhil a bill of exchange for the same amount payable after 2 months. Akhil accepted the bill and sent it back to Nikhil. Nikhil discounted the bill immediately with his bank @ 12% p.a. On the due date Akhil dishonored the bill of exchange and the bank paid ₹ 100 as noting charges. Akhil requested Nikhil to drew a new bill upon him with interest @ 10% p.a. which he agreed. The new bill was payable after two months. A week before the maturity of the second bill Akhil requested Nikhil to cancel the second bill. He further requested to accept ₹ 10,000 in cash immediately and drew a third bill upon him including interest of ₹ 500. Nikhil agreed to Akhil request. The third bill was payable after one month. Akhil met the third bill on its maturity. Record the necessary journal entries in the books of Nikhil and Akhil and also prepare Akhil account in the books of Nikhil and Nikhil account in the books of Akhil.

The solution of Question 22 Chapter 14 – Class 11 Unimax

Journal for Mr. ‘Nikhil’ (Drawer)

Date

Particulars

L.F.

Debit

Credit

2020

Dec. 1

Akhil’s A/c

Dr.

23,000

To Sales A/c

23,000

(Being goods sold to Akhil on credit)

Dec. 1

Bill receivable A/c

Dr.

23,000

To Akhil A/c

23,000

(Being a bill for two months drawn and accepted)

Dec. 1

Bank A/c

Dr.

22,540

Discount A/c

Dr.

460

To Bill receivable A/c

23,000

(Being bill discounted from bank @ 12% p.a.)

2019

Feb. 4

Akhil A/c

Dr.

23,100

To Bank A/c

23,100

(Being the bill dishonoured on due date and bank paid 100 as noting charges)

Feb. 4

Akhil A/c

Dr.

385

To Interest A/c

385

(Being interest @ 10% for two months due from Akhil)

Feb. 4

Bill receivable A/c

]Dr.

23,485

To Akhil A/c

23,485

(Being the second bill for two months drew and accepted)

Mar. 31

Akhil A/c

Dr.

23,485

To Bill receivable A/c (2)

23,485

(Being the second bill cancelled on request)

Mar. 31

Cash A/c

Dr.

10,000

To Akhil A/c

10,000

(Being cash received from Akhil)

Mar. 31

Akhil A/c

Dr.

500

To Interest A/c

500

(Being interest as ₹ 500 for third bill due date from Akhil)

Mar. 31

Bill receivable A/c

Dr.

13,985

To Akhil A/c

13,985

(Being the third bill for one month drawn and accepted)

May 3

Cash A/c

Dr.

13,985

To Bill receivable A/c

13,985

(Being the third bill met on due date)

Dr.	Akhil's A/c	Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
Dec.1	To Sales A/c		23,000	Dec.1	By Bill receivable A/c		23,000
Feb. 4	To Bank A/c		23,100	Feb. 4	By Bill receivable A/c		23,485
Feb. 4	To Interest A/c		385	Feb. 4	By Cash A/c		10,000
Mar. 31	To Interest A/c		500	Mar. 31	By Bill receivable A/c		13,985
Mar. 31	To Bills receivable A/c		23,485

			70,470				70,470

Dr.

Akhil's A/c

Cr.

Date

Particulars

J.F.

Amount

Date

Particulars

J.F.

Amount

Dec.1

To Sales A/c

23,000

Dec.1

By Bill receivable A/c

23,000

Feb. 4

To Bank A/c

23,100

Feb. 4

By Bill receivable A/c

23,485

Feb. 4

To Interest A/c

385

Feb. 4

By Cash A/c

10,000

Mar. 31

To Interest A/c

500

Mar. 31

By Bill receivable A/c

13,985

Mar. 31

To Bills receivable A/c

23,485

70,470

Date

Particulars

L.F.

Debit

Credit

2019

Dec. 1

Purchases A/c

Dr.

23,000

To Nikhil A/c

23,000

(Being the goods purchased on credit)

Dec. 1

Nikhil's A/c

Dr.

23,000

To Bill payable A/c (1)

23,000

(Being a bill for two months accepted and returned)

2020

Feb. 4

Bill payable A/c (1)

Dr.

23,000

Noting charges A/c

Dr.

100

To Nikhil A/c

23,100

(Being the bill dishonoured and ₹ 100 paid as noting charges)

Feb. 4

Interest A/c

Dr.

385

To Nikhil A/c

385

(Being the interest @ 10% due to Nikhil)

Feb. 4

Nikhil A/c

Dr.

23,485

To Bill payable A/c (2)

23,485

(Being the second bill for two months accepted and returned)

Mar. 31

Bills payable A/c (2)

Dr.

23,485

To Nikhil A/c

23,485

(Being the bill cancelled on request)

Mar. 31

Nikhil A/c

Dr.

10,000

To Bank A/c

10,000

(Being cash paid to Mr. Nikhil)

Mar. 31

Interest A/c

Dr.

500

To Nikhil A/c

500

(Being interest due to Nikhil for another bill)

Mar. 31

Nikhil A/c

Dr.

13,985

To Bills payable A/c (3)

13,985

(Being a third bill for one month accepted and returned)

May 3

Bills payable A/c (3)

Dr.

13,985

To Cash A/c

13,985

(Being own acceptance met on due date)

Dr.	Nikhil's A/c	Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
Dec. 1	To Bills payable A/c (1)		23,000	Dec. 1	By Purchases A/c		23,000
Feb. 4	To Bill payable A/c (2)		23,485	Feb. 4	By Bill payable A/c (1)		23,000
Mar. 31	To Cash A/c		10,000	Feb. 4	By Noting charges A/c		100
Mar. 31	To Bill payable A/c (3)		13,985	Feb. 4	By Interest A/c		385
				Mar. 31	By Bills payable A/c		23,485
				Mar. 31	By Interest A/c		500

			70,470				70,470

Dr.

Nikhil's A/c

Cr.

Date

Particulars

J.F.

Amount

Date

Particulars

J.F.

Amount

Dec. 1

To Bills payable A/c (1)

23,000

Dec. 1

By Purchases A/c

23,000

Feb. 4

To Bill payable A/c (2)

23,485

Feb. 4

By Bill payable A/c (1)

23,000

Mar. 31

To Cash A/c

10,000

Feb. 4

By Noting charges A/c

100

Mar. 31

To Bill payable A/c (3)

13,985

Feb. 4

By Interest A/c

385

Mar. 31

By Bills payable A/c

23,485

Mar. 31

By Interest A/c

500

70,470

Question 22 Chapter 14 – Class 11 Unimax

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