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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
10. On 1st July,2019, Chander sold goods to Dinesh of the list price of ₹ 5,000 at 20% trade discount and on the same day drew a bill on Dinesh for the amount due payable after three months. Dinesh accepted the bill. On 4th September 2019, Dinesh retries his acceptance, receiving a rebate of 15% p.a. Pass entries in the books of both the parties.
Journal for Mr. ‘Chander’ (Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2019 | |||||
| July 1 | Dinesh A/c | Dr. | 4,000 | ||
| To Sales A/c | 4,000 | ||||
| (Being goods sold to Dinesh @ 20% trade discount) | |||||
| July 1 | Bill receivable A/c | Dr. | 4,000 | ||
| To Dinesh A/c | 4,000 | ||||
| (Being the bill for 3 months drawn and accepted) | |||||
| Sep.4 | Cash A/c | Dr. | 3,950 | ||
| Rebate A/c | Dr. | 50 | |||
| To Bill receivable A/c | 4,000 | ||||
| (Being the bill retired by Dinesh @ 15% p.a. before one month) | |||||
Journal for Mr. ‘Dinesh’ (Drawee)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2019 | |||||
| July 1 | Purchases A/c | Dr. | 4,000 | ||
| To Chander A/c | 4,000 | ||||
| (Being the goods purchased on credit) | |||||
| July 1 | Chander A/c | Dr. | 4,000 | ||
| To Bill payable A/c | 4,000 | ||||
| (Being the bill for 3 months accepted and returned) | |||||
| Sep.4 | Bill payable A/c | Dr. | 4,000 | ||
| To Cash A/c | 3,950 | ||||
| To Rebate A/c | 50 | ||||
| (Being the bill retired under a rebate of 15% p.a. for one month) | |||||
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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