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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
9.(when the bill is for collection). On 1st October 2019, X sells goods to Y for ₹ 25,000 plus IGST @ 18% and draws two bills of exchange on him: the first for ₹ 15,000 for 2 months and the second for the balance for 3 months. Y accepts and returns these bills to X. Both the bills are sent to the bank for collection. In due course, X receives the information from the bank that the bill for ₹ 15,000 has been duly met and the other bill has been dishonoured. Nothing charges paid on the dishonoured of the second bill are ₹ 500.
Pass journal entries in the books of X.
Journal for Mr. ‘X’ (Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2019 | |||||
| Oct.1 | Y’s A/c | Dr. | 29,500 | ||
| To Sales A/c | 25,000 | ||||
| To Output IGST A/c | 4,500 | ||||
| (Being the inter-state sale of goods to Y, charged IGST @ 18%) | |||||
| Oct.1 | Bill receivable (No.1) A/c | Dr. | 15,000 | ||
| Bill receivable (No.2) A/c | Dr. | 14,500 | |||
| To Y’s A/c | 29,500 | ||||
| (Being the two bills acceptance- one for ₹ 15,000 and other for ₹ 14,500 received) | |||||
| Dec.1 | Bill sent for collection A/c | Dr. | 29,500 | ||
| To Bill receivable (No.1) A/c | 15,000 | ||||
| To Bill receivable (No.2) A/c | 14,500 | ||||
| (Being the bill sent to bank for collection) | |||||
| 2020 | |||||
| Jan.1 | Y’s A/c | Dr. | 15,000 | ||
| To Bill sent for collection A/c | 14,500 | ||||
| To Bank A/c | 500 | ||||
| (Being the second bill dishonoured and bank paid ₹ 500 as noting charges) | |||||
Read 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
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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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