Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 04 Chapter No 15
Bill Retained till due date
4. On 1st January 2018, A sold goods to B of the value of Rs 1,500 and drew upon the latter at three months for the amount. B accepted the bill and returned it to A. on the due date, the bill was duly met.
Pass entries in the books of A and B
In the books of A(Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2018 | |||||
| Jan.01 | B A/c | Dr | 1,500 | ||
| To Sales A/c | 1,500 | ||||
| (Being goods sold on credit) | |||||
| Jan.01 | Bills Receivable A/c | Dr. | 1,500 | ||
| To B A/c | 1,500 | ||||
| (Being acceptance received for 2 months) | |||||
| Apr.04 | Cash A/c | Dr. | 1,500 | ||
| To Bills Receivable A/c | 1,500 | ||||
| (Being bill received on maturity date ) | |||||
In the books of B (Drawee)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2018 | |||||
| Jan.01 | Purchases A/c | Dr | 1,500 | ||
| To A A/c | 1,500 | ||||
| (Being goods bought on credit) | |||||
| Jan.01 | A A/c | Dr. | 1,500 | ||
| To Bills Payable A/c | 1,500 | ||||
| (Being acceptance given for 2 months) | |||||
| Apr.04 | Bills Payable A/c | Dr. | 1,500 | ||
| To Cash A/c | 1,500 | ||||
| (Being bill paid on maturity date ) | |||||
https://tutorstips.com/bills-receivable/
https://tutorstips.com/bills-payable/
Thanks, Please Like and share with your friends
Comment if you have any question.
Also, Check out the solved question of all Chapters: –
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Origin of Transactions
Chapter No. 4 - Vouchers and transactions
Chapter No. 6 - Accounting for Goods and Services Tax(GST)
Chapter No. 9 - Other Subsidiary Books
Chapter No. 10 - Journal Proper
Chapter No. 11 - Trial Balance
Chapter No. 12 - Bank Reconciliation Statement
Chapter No. 14 - Provisions and Reserves
Chapter No. 15 - Bills of Exchange
Chapter No. 16 - Rectification of Errors
Chapter No. 17 - Financial Statements - (Without Adjustments)
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 15 - USHA Publication 11 Class", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +1 Elements of Book-Keeping.
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 15 - USHA Publication 11 Class" instantly.
