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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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8. On 1st October,2019, X sells goods to Y for ₹ 8,000. On that date, Y accepted a bill drawn upon him by X at 2 months for ₹ 8,000. X retains the bill till due date and on due date sends the bill to the banker for collection. In due course, X receives the information from the bank that the bill has been duly met. Pass journal entries in the books of X and Y.
Journal for Mr. ‘X’ (Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2019 | |||||
| Oct.1 | Y’s A/c | Dr. | 8,000 | ||
| To Sales A/c | 8,000 | ||||
| (Being goods sold on credit) | |||||
| Oct.1 | Bill receivable A/c | Dr. | 8,000 | ||
| To Y’s A/c | 8,000 | ||||
| (Being the bill for 2months drawn and accepted) | |||||
| Dec.1 | Bill sent for collection A/c | Dr. | 8,000 | ||
| To Bill receivable A/c | 8,000 | ||||
| (Being the bill sent to bank for collection) | |||||
| Dec.1 | Bank A/c | Dr. | 8,000 | ||
| To Bill sent for collection A/c | 8,000 | ||||
| (Being the bill collected by bank on due date) | |||||
Journal for Mr. ‘Y’ (Drawee)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2019 | |||||
| Oct.1 | Purchases A/c | Dr. | 8,000 | ||
| To X’s A/c | 8,000 | ||||
| (Being the goods purchased on credit) | |||||
| Oct.1 | X’s A/c | Dr. | 8,000 | ||
| To Bill payable A/c | 8,000 | ||||
| (Being the bill for 2 months accepted and returned) | |||||
| Dec.1 | Bill payable A/c | Dr. | 8,000 | ||
| To Cash A/c | 8,000 | ||||
| (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.
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