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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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11.on Jan.1,2020 Rahim sold goods to Zahir for ₹ 25,000 and drew upon her a bill at 3 months for the amount. Zahir accepted the bill and returned it to Rahim. On March 4,2020, Zahir returned the bill under rebate @ 12% p.a. record journal entries in the books of both parties.
Journal for Mr. ‘Rahim’ (Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2020 | |||||
| Jan.1 | Zahir’s A/c | Dr. | 25,000 | ||
| To Sales A/c | 25,000 | ||||
| (Being goods sold on credit) | |||||
| Jan.1 | Bill receivable A/c | Dr. | 25,000 | ||
| To Zahir’s A/c | 25,000 | ||||
| (Being the bill for 3 months drawn and accepted) | |||||
| Mar.1 | Cash A/c | Dr. | 24,750 | ||
| Rebate A/c | Dr. | 250 | |||
| To Bill receivable A/c | 25,000 | ||||
| (Being the payment received under a bill allowed rebate @ 12% p.a.) | |||||
Journal for Mr. ‘Zahir’ (Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2020 | |||||
| Jan.1 | Purchases A/c | Dr. | 25,000 | ||
| To Rahim A/c | 25,000 | ||||
| (Being the goods purchased on credit) | |||||
| Jan.1 | Rahim A/c | Dr. | 25,000 | ||
| To Bill payable A/c | 25,000 | ||||
| (Being the bill for 3 months accepted and returned) | |||||
| Mar.1 | Bill payable A/c | Dr. | 25,000 | ||
| To Cash A/c | 24,750 | ||||
| To Rebtae A/c | 250 | ||||
| (Being the bill retired under a rebate of 12% p.a.) | |||||
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
Check out T.S. Grewal +1 Book 2019 @ Oficial Website of Sultan Chand Publication
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 11 Chapter No 14 – Class 11 Unimax", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax class 11 - 2021.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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