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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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5. R sold goods to S on credit for ₹ 10,000 on 1st Aug.,2020 and drew on him a 3 months bill for the amount. S gave his acceptance, R endorsed the bill in favour of T in settlement of the debt. On due date it is duly paid give journal entries in the books of all parties.
Journal for Mr. ‘R’ (Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2020 | |||||
| Aug.1 | S’s A/c | Dr. | 10,000 | ||
| To Sales A/c | 10,000 | ||||
| (Being goods sold on credit) | |||||
| Aug.1 | Bill Receivable A/c | Dr. | 10,000 | ||
| To S’s A/c | 10,000 | ||||
| (Being the bill for three months drawn and accepted) | |||||
| Aug.1 | T’s A/c | Dr. | 10,000 | ||
| To Bill receivable A/c | 10,000 | ||||
| (Being the bill endorsed to creditor T) | |||||
Journal for Mr. ‘S’ (Drawee)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2020 | |||||
| Aug.1 | Purchases A/c | Dr. | 10,000 | ||
| To R’s A/c | 10,000 | ||||
| (Being goods purchased on credit) | |||||
| Aug.1 | R’s A/c | Dr. | 10,000 | ||
| To Bill payable A/c | 10,000 | ||||
| (Being the bill for accepted for 3 months and returned) | |||||
| Nov.4 | Bill payable A/c | Dr. | 10,000 | ||
| To Cash A/c | 10,000 | ||||
| (Being the bill met on due date) | |||||
Journal for Mr. ‘T’ (Endorsee)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2020 | |||||
| Aug.1 | Bill receivable A/c | Dr. | 10,000 | ||
| To R’s A/c | 10,000 | ||||
| (Being goods purchased on credit) | |||||
| Nov.4 | Cash A/c | Dr. | 10,000 | ||
| To Bill receivable A/c | 10,000 | ||||
| (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 05 Chapter No 14 – Class 11 Unimax", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax class 11 - 2021.
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