Question 5 Chapter 14 – Class 11 Unimax

Question 5 Chapter 14 – Class 11 Unimax

5. R sold goods to S on credit for ₹ 10,000 on 1st Aug.,2020 and drew on him a 3 months bill for the amount. S gave his acceptance, R endorsed the bill in favour of T in settlement of the debt. On due date it is duly paid give journal entries in the books of all parties.

The solution of Question 5 Chapter 14 – Class 11 Unimax

Journal for Mr. ‘R’ (Drawer)

Date	Particulars		L.F.	Debit	Credit
2020
Aug.1	S’s A/c	Dr.		10,000
	To Sales A/c				10,000
	(Being goods sold on credit)
Aug.1	Bill Receivable A/c	Dr.		10,000
	To S’s A/c				10,000
	(Being the bill for three months drawn and accepted)
Aug.1	T’s A/c	Dr.		10,000
	To Bill receivable A/c				10,000
	(Being the bill endorsed to creditor T)

 

Journal for Mr. ‘S’ (Drawee)

Date	Particulars		L.F.	Debit	Credit
2020
Aug.1	Purchases A/c	Dr.		10,000
	To R’s A/c				10,000
	(Being goods purchased on credit)
Aug.1	R’s A/c	Dr.		10,000
	To Bill payable A/c				10,000
	(Being the bill for accepted for 3 months and returned)
Nov.4	Bill payable A/c	Dr.		10,000
	To Cash A/c				10,000
	(Being the bill met on due date)

 

Journal for Mr. ‘T’ (Endorsee)

Date	Particulars		L.F.	Debit	Credit
2020
Aug.1	Bill receivable A/c	Dr.		10,000
	To R’s A/c				10,000
	(Being goods purchased on credit)
Nov.4	Cash A/c	Dr.		10,000
	To Bill receivable A/c				10,000
	(Being the bill met on due date)