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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
3. P drawn on q A bill of exchange for 3 months for ₹ 5,000 which Q accepts on 1.1.2020. the bill is discounted on 1.2.2020 for ₹ 4,950. Q meets the bill on the due date. Pass journal entries in the books of P and Q.
Journal for Mr. ‘P’ (Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2020 | |||||
| Jan.1 | Bill receivable A/c | Dr. | 5,000 | ||
| To Q’s A/c | 5,000 | ||||
| (Being the bill for three months drawn and accepted) | |||||
| Feb.1 | Bank A/c | Dr. | 4,950 | ||
| Discount A/c | Dr. | 50 | |||
| To Bill receivable A/c | 5,000 | ||||
| (Being the bill discounted from the bank) | |||||
Journal for Mr. ‘Q’ (Drawee)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2020 | |||||
| Jan.1 | P’s A/c | Dr. | 5,000 | ||
| To Bill payable A/c | 5,000 | ||||
| (Being the bill accepted for 3 months and returned) | |||||
| Apr.4 | Bill payable A/c | Dr. | 5,000 | ||
| To Cash A/c | 5,000 | ||||
| (Being the bill discharged on the due date) | |||||
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 3 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.
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