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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 11 Chapter No 15
Discounting of Bill
11. Renuka owes Vipasha Rs 4,000. on 1st May 2017, Vipasha receives an acceptance at three months for the amount due. Vipasha gets, the bill discounted from the bank on 1st July 2017 @6% p.a. on the due date, the bill was duly honoured by Renuka
Give journals entries in the books of Renuka, Vipasha and Bank.
In the books of Renuka(Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2018 | |||||
| May.1 | Vipasha A/c | Dr. | 4,000 | ||
| To Bills Payable A/c | 4,000 | ||||
| (Being acceptance given for three months) | |||||
| Aug.7 | Bills Payable A/c | Dr. | 4,000 | ||
| To Cash A/c | 4,000 | ||||
| (Being bill paid on Maturity) | |||||
In the books of Vipasha (Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2018 | |||||
| May.1 | Bill Receivable A/c | Dr. | 4,000 | ||
| To Renuka A/c | 4,000 | ||||
| (Being acceptance given for three months) | |||||
| Aug.7 |
Bank A/c Discount A/c |
Dr. |
3980 20 |
||
| To Bills Receivable A/c | 4000 | ||||
| (Being bill paid on Maturity) | |||||
Note: if the discounted bill is honoured on due date by drawere, no entry will be received in drawer’s books on the sate of Maturity
In the books of Bank (Payee)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2018 | |||||
| Jul.1 | Bill Receivable A/c | Dr. | 4,000 | ||
| To Vipasha A/c | 3,980 | ||||
| To Discount A/c | 20 | ||||
| (Being acceptance given for three months) | |||||
| Aug.7 | Cash A/c | Dr. | 4,000 | ||
| To Bills Receivable A/c | 4,000 | ||||
| (Being bill paid on Maturity) | |||||
https://tutorstips.com/bills-receivable/
https://tutorstips.com/bills-payable/
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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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11 February 2022
15 February 2022
