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Question No 10 Chapter No 15
Discounting of Bill
10. Dolly sold goods to Saira for Rs 12,000 on 1st January, 2019. on the same day, Dolly draws three bills of Rs 4,000 each of 3 months duration on Saira, payable 3 months after sight. Saira accepts the bills on 7th January 2019 returns these to Dolly
Dolly discounted the bill on 7th January 2019 second bill on 7th February 2019 and third bill on 7th March 2019. discounting charges are 6% p.a. in all three bills. The bills are duly met on due date.
Pass the necessary journal entries and ledger accounts in the book of Dolly
In the books of Dolly(Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2018 | |||||
| Jan.1 | Geeta A/c | Dr. | 12,000 | ||
| To Sale A/c | 12,000 | ||||
| (Being goods sold on credit) | |||||
| Jan.7 | Bills Receivable A/c | Dr. | 12,000 | ||
| To Geeta A/c | 12,000 | ||||
| (Being acceptance received on three bill of Rs 4,000 each for 3 months) | |||||
| Jan.7 | Bank A/c | Dr. | 3,940 | ||
| Discount A/c | Dr. | 60 | |||
| To Bills Receivable A/c | 4,000 | ||||
| (Being bill discounted @6% p.a.) | |||||
| Feb.7 | Bank A/c | Dr. | 3,960 | ||
| Discount A/c | Dr. | 40 | |||
| To Bills Receivable A/c | 4,000 | ||||
| (Being bill discounted @6% p.a.) | |||||
| Mar.7 | Bank A/c | Dr. | 3,980 | ||
| Discount A/c | Dr. | 20 | |||
| To Bills Receivable A/c | 4,000 | ||||
| (Being bill discounted @6% p.a.) | |||||
| Dr. | Geeta A/c |
Cr. | |||||
| Date | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
|---|---|---|---|---|---|---|---|
| 2019 | 2019 | ||||||
| Jan. 1 | To Sale A/c | 12,000 | Jan. 7 | By Bill Receivable A/c | 12,000 | ||
| 12,000 | 12,000 | ||||||
| Dr. | Capital A/c | Cr. | |||||
| Date | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
|---|---|---|---|---|---|---|---|
| 2019 | 2019 | ||||||
| Jan. 1 | To Geeta A/c | 12,000 | Jan. 7 | By Bank A/c | 3,940 | ||
| Jan. 7 | By Discount A/c | 60 | |||||
| Feb. 7 | By Bank A/c | 3,960 | |||||
| Feb. 7 | By Discount A/c | 40 | |||||
| Mar. 7 | By Bank A/c | 3,980 | |||||
| Mar. 7 | By Discount A/c | 20 | |||||
| 12,000 | 12,000 | ||||||
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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.
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