Question 8 Chapter 14 – Class 11 Unimax 

Question 8 Chapter 14 – Class 11 Unimax 

8. On 1st October,2019, X sells goods to Y for ₹ 8,000. On that date, Y accepted a bill drawn upon him by X at 2 months for ₹ 8,000. X retains the bill till due date and on due date sends the bill to the banker for collection. In due course, X receives the information from the bank that the bill has been duly met. Pass journal entries in the books of X and Y.

The solution of Question 8 Chapter 14 – Class 11 Unimax 

Journal for Mr. ‘X’ (Drawer)

Date	Particulars		L.F.	Debit	Credit
2019
Oct.1	Y’s A/c	Dr.		8,000
	To Sales A/c				8,000
	(Being goods sold on credit)
Oct.1	Bill receivable A/c	Dr.		8,000
	To Y’s A/c				8,000
	(Being the bill for 2months drawn and accepted)
Dec.1	Bill sent for collection A/c	Dr.		8,000
	To Bill receivable A/c				8,000
	(Being the bill sent to bank for collection)
Dec.1	Bank A/c	Dr.		8,000
	To Bill sent for collection A/c				8,000
	(Being the bill collected by bank on due date)

 

Journal for Mr. ‘Y’ (Drawee)

Date	Particulars		L.F.	Debit	Credit
2019
Oct.1	Purchases A/c	Dr.		8,000
	To X’s A/c				8,000
	(Being the goods purchased on credit)
Oct.1	X’s A/c	Dr.		8,000
	To Bill payable A/c				8,000
	(Being the bill for 2 months accepted and returned)
Dec.1	Bill payable A/c	Dr.		8,000
	To Cash A/c				8,000
	(Being the bill met on due date)