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Question No 05 Chapter No 15
Bill Retained till due date
5. On 30th November 2018, Mamta Drawn on Mayawati a bill for Rs 3,000. Mamta accepts this bill on 4th December 2018 and returns it to Mamta. The bill is due 3 months after date.
Pass the journal entries in the book of Both the parties, assuming that the bill is duly honoured on the due date.
In the books of Mamta (Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2018 | |||||
| Nov.30 | Bills Receivable A/c | Dr. | 3,000 | ||
| To Mayawati A/c | 3,000 | ||||
| (Being acceptance received for 2 months) | |||||
| Mar. 03 | Cash A/c | Dr. | 3,000 | ||
| To Bills Receivable A/c | 3,000 | ||||
| (Being bill received on maturity date ) | |||||
In the books of Mayawati (Drawee)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2018 | |||||
| Nov.30 | Mamta A/c | Dr. | 3,000 | ||
| To Bills Payable A/c | 3,000 | ||||
| (Being acceptance given for 2 months) | |||||
| Mar. 03 | Bills Payable A/c | Dr. | 3,000 | ||
| To Cash A/c | 3,000 | ||||
| (Being bill paid on maturity date ) | |||||
https://tutorstips.com/bills-receivable/
https://tutorstips.com/bills-payable/
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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 05 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.
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