Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
4. A owes to B ₹ 1,000 for which he gives to B, a bill of exchange dated 18.5.2020 payable 5 months after date. B discounted the bill immediately at a discount of ₹ 25. The bill is duly honoured on the due date. Pass journal entries in the books of A and B.
Journal for Mr. ‘B’ (Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2020 | |||||
| May 18 | Bill receivable A/c | Dr. | 1,000 | ||
| To A’s A/c | 1,000 | ||||
| (Being the bill for 2 months drawn and accepted) | |||||
| May 18 | Bank A/c | Dr. | 975 | ||
| Discount A/c | Dr. | 25 | |||
| To Bill receivable A/c | 1,000 | ||||
| (Being the bill discounted from bank by paying ₹ 25 as discounting charges) | |||||
Journal for Mr. ‘A’ (Drawee)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2020 | |||||
| May 18 | B’s A/c | Dr. | 1,000 | ||
| To Bill payable A/c | 1,000 | ||||
| (Being the bill for accepted for 2 months and returned) | |||||
| July 21 | Bill payable A/c | Dr. | 1,000 | ||
| To Cash A/c | 1,000 | ||||
| (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: –
Part-I
Students may choose only one part from the Part II and Part III
Part-II
Part-III
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 No 04 Chapter No 14 – Class 11 Unimax", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax class 11 - 2021.
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.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question No 04 Chapter No 14 – Class 11 Unimax" instantly.
