Question 7 Chapter 14 – Class 11 Unimax 

Question 7 Chapter 14 – Class 11 Unimax 

7. Mohan Singh draws a bill on Jagat for ₹ 1,000 payable 2 months after date. Immediately after its acceptance, Mohan Singh sends the bills to his bank for collection. On due date, bank gets the payment.
Make entries in the books of all the parties.

The solution of Question 7 Chapter 14 – Class 11 Unimax 

Journal for Mr. ‘Mohan’ (Drawer)

Date	Particulars		L.F.	Debit	Credit
1.	Bill receivable A/c	Dr.		1,000
	To Jagat Singh A/c				1,000
	(Being a bill for 2 months on Jagat Singh drawn and accepted)
2.	Bill sent for collection A/c	Dr.		1,000
	To Bill receivable A/c				1,000
	(Being the bill sent to bank for collection)
3.	Bank A/c	Dr.		1,000
	To Bill sent for collection A/c				1,000
	(Being the bill collected by bank on due date)

 

Journal for Mr. ‘Jagat’ (Drawee)

Date	Particulars		L.F.	Debit	Credit
1.	Mohan Singh’s A/c	Dr.		1,000
	To Bill payable A/c				1,000
	(Being the bill for 2 months accepted and returned)
2.	Bill payable A/c	Dr.		1,000
	To Cash A/c				1,000
	(Being the bill met on due date)