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Question No 12 Chapter No 15
Endorsement of Bill
12. Sohal sold goods to Arbaz for Rs 2,000 on 1st April 2017. Arbaz accepts two bills of Rs 1,000 each for three months. Sohail endorses one bill to Naseer. On the due date, both bills are met.
Pass entries in the books of Sohail and Arbaz.
In the books of Sohail(Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2018 | |||||
| Apr.1 | Arbaz A/c | Dr. | 2,000 | ||
| To Sale A/c | 2,000 | ||||
| (Being goods sold on credit) | |||||
| Apr.1 | Bills receivable A/c | Dr. | 2,000 | ||
| To Arbaz A/c | 2,000 | ||||
| (Being bill drawn on arbaz) | |||||
| Apr.1 | Naseer A/c | Dr. | 1,000 | ||
| To Bills receivable A/c | 1,000 | ||||
| (Being bill endorsed to Naseer) | |||||
| Jul.4 | Bills receivable A/c | Dr. | 1,000 | ||
| To Cash A/c | 1,000 | ||||
| (Being bill paid on Maturity) | |||||
In the books of Arbaz(Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2018 | |||||
| Apr.1 | Purchases A/c | Dr. | 2,000 | ||
| To Sohail A/c | 2,000 | ||||
| (Being purchases goods on credit) | |||||
| Aug.7 | Cash A/c | Dr. | 2,000 | ||
| To Bills Receivable A/c | 2,000 | ||||
| (Being bill received from Sohial ) | |||||
| Jul.7 | Bills payable A/c | Dr. | 2,000 | ||
| To Cash A/c | 2,000 | ||||
| (Being bill paid on Maturity) | |||||
https://tutorstips.com/bills-receivable/
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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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