Question No 01 Chapter No 14 – Class 11 Unimax

Question No 01 Chapter No 14 – Class 11 Unimax

01. On 1.1.2020, X sold goods to Y for ₹ 5,000 for which X drew on Y a bill for 3 months after date. It was duly accepted by Y. X retained the bill till due date. The bill duly honored by Y at maturity. Pass journal entries in the books of X and Y.

The solution of Question No 01 Chapter No 14 - UNIMAX Class 11

Journal for Mr. ‘X’ (Drawer)

Date	Particulars		L.F.	Debit	Credit
2020
Jan.1	Y’s A/c	Dr.		5,000
	To Sales A/c				5,000
	(Being goods sold on to Y credit)
Jan.1	Bill Receivable A/c	Dr.		5,000
	To Y’s A/c				5,000
	(Being bill drawn on Y accepted for 3 months)
Apr.4	Cash A/c	Dr.		5,000
	To Bill receivable A/c				5,000
	(Being the bill honoured on the due date)

 

Journal for Mr. ‘Y’ (Drawee)

Date	Particulars		L.F.	Debit	Credit
2020
Jan.1	Purchases A/c	Dr.		5,000
	To X’s A/c				5,000
	(Being goods purchased on credit from X)
Jan.1	X’s A/c	Dr.		5,000
	To Bill payable A/c				5,000
	(Being the bill for accepted for 3 months and returned)
Apr.4	Bill payable A/c	Dr.		5,000
	To Cash A/c				5,000
	(Being the bill met on due date)

Read out the full article to know the meaning of Cash Book

Bill of exchange (BOE): Meaning and Examples

Also, Check out the same article in Hindi from the following link

Bill of exchange (BOE): Meaning and Examples

Also, Check out the solved question of all Chapters: –

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

• Chapter No. 1 - Introduction of Accounting
• Chapter No. 2 - Theory Base of Accounting
• Chapter No. 3 - Vouchers and Transactions
• Chapter No. 4 - Journal
• Chapter No. 5 - Goods and Services Tax (GST): An Introduction
• Chapter No. 6 - Ledger
• Chapter No. 7 - Special Purpose Book -  Cash Book
• Chapter No. 8 - Other Subsidiary Books 
• Chapter No. 9 - Trial Balance 
• Chapter No. 10 - Rectification of Errors
• Chapter No. 11 - Depreciation
• Chapter No. 12 - Provision and Reserves
• Chapter No. 13 - Bank Reconciliation Statement
• Chapter No. 14 - Bills of Exchange 

Students may choose only one part from the Part II and Part III

Part-II

• Chapter No. 15 - Financial Statements (Without Adjustments)
• Chapter No. 16 - Financial Statements (With Adjustments)
• Chapter No. 17 - Accounts from Incomplete Records -  Single Entry System

Part-III

• Chapter No. 18 - Introduction to Computers and Accounting information System
• Chapter No. 19 - Computerised Accounting
• Chapter No. 20 - Accounting Software: Tally 
• Chapter No. 21 - Data Base System
• Chapter No. 22 - Concept of Entity and Relationship