Question No 13 Chapter No 14 – Class 11 Unimax

Question No 13 Chapter No 14 – Class 11 Unimax

13. On 1st January,2020 X sold goods to Y for ₹ 15,000, and immediately received from Y ₹ 5,000 in cash and the same date drew a bill on Y at three months for the balance. The bill is duly accepted by Y. bill was dishonoured on the due date and X paid ₹ 25 as noting charges. Ten days later Y pays the amount due to X. Pass journal entries in the books of both the parties.

The solution of Question No 13 Chapter No 14 - UNIMAX Class 11

Journal for Mr. ‘X’ (Drawer)

Date	Particulars		L.F.	Debit	Credit
2020
Jan.1	Y’s A/c	Dr.		15,000
	To Sales A/c				15,000
	(Being goods sold on credit)
Jan.1	Cash A/c	Dr.		5,000
	To Y’s A/c				5,000
	(Being cash received from Y)
Jan.1	Bill receivable A/c	Dr.		10,000
	To Y’s A/c				10,000
	(Being the bill for 3 months drawn and accepted)
Apr.1	Y’s A/c	Dr.		10,025
	To Bill receivable A/c				10,000
	To Cash A/c				25
	(Being the bill discounted on due date and noting charged paid by Mr. ’X’)
Apr.1	Cash A/c	Dr.		10,025
	To Y’s A/c				10,025
	(Being cash received from Me. ‘Y’)

 

Journal for Mr. ‘Y’ (Drawer)

Date	Particulars		L.F.	Debit	Credit
2020
Jan.1	Purchases A/c	Dr.		5,000
	To ‘X’ A/c				5,000
	(Being the goods purchased on credit)
Jan.1	X’s A/c	Dr.		5,000
	To Cash A/c				5,000
	(Being cash paid to Mr. ‘X’)
Jan.1	X’s A/c			10,000
	To Bill payable A/c				10,000
	(Being the bill for 3 months accepted and returned)
Apr.1	Bill payable A/c			10,000
	Noting charges A/c			25
	To X’s A/c				10,025
	(Being the bill dishonoured on due date and noting charges paid)
Apr.1	X’s A/c	Dr.		10,025
	To Cash A/c				10,025
	(Being cash paid to Mr. ‘X’)

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: –

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

• Chapter No. 1 - Introduction of Accounting
• Chapter No. 2 - Theory Base of Accounting
• Chapter No. 3 - Vouchers and Transactions
• Chapter No. 4 - Journal
• Chapter No. 5 - Goods and Services Tax (GST): An Introduction
• Chapter No. 6 - Ledger
• Chapter No. 7 - Special Purpose Book -  Cash Book
• Chapter No. 8 - Other Subsidiary Books 
• Chapter No. 9 - Trial Balance 
• Chapter No. 10 - Rectification of Errors
• Chapter No. 11 - Depreciation
• Chapter No. 12 - Provision and Reserves
• Chapter No. 13 - Bank Reconciliation Statement
• Chapter No. 14 - Bills of Exchange 

Students may choose only one part from the Part II and Part III

Part-II

• Chapter No. 15 - Financial Statements (Without Adjustments)
• Chapter No. 16 - Financial Statements (With Adjustments)
• Chapter No. 17 - Accounts from Incomplete Records -  Single Entry System

Part-III

• Chapter No. 18 - Introduction to Computers and Accounting information System
• Chapter No. 19 - Computerised Accounting
• Chapter No. 20 - Accounting Software: Tally 
• Chapter No. 21 - Data Base System
• Chapter No. 22 - Concept of Entity and Relationship 

Check out T.S. Grewal +1 Book 2019 @ Oficial Website of Sultan Chand Publication