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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 13 Chapter No 15
Endorsement of Bill
13. On 15th August 2017. a sold goods to B for Rs 15,000 and drew upon him a three months bill for the amount. B accepted the bill. After 10 days. A endorsed the bill to his creditor C. on the due date, the acceptance was duly met. Pass journal entries in the book of A, B, and C.
In the books of A (Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2018 | |||||
| Aug.15 | B A/c | Dr. | 15,000 | ||
| To Sale A/c | 15,000 | ||||
| (Being goods sold on credit) | |||||
| Aug.15 | Bills receivable A/c | Dr. | 15,000 | ||
| To B A/c | 15,000 | ||||
| (Being bill drawn on B) | |||||
| Aug.25 | C A/c | Dr. | 15,000 | ||
| To Bills receivable A/c | 15,000 | ||||
| (Being bill endorsed to C) | |||||
In the books of B (Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2018 | |||||
| Aug.15 | Purchases A/c | Dr. | 15,000 | ||
| To A A/c | 15,000 | ||||
| (Being purchases goods from A on credit) | |||||
| Aug.15 | A A/c | Dr. | 15,000 | ||
| To Bills Receivable A/c | 15,000 | ||||
| (Being bill received from A ) | |||||
| Nov. 18 | Bills payable A/c | Dr. | 15,000 | ||
| To Cash A/c | 15,000 | ||||
| (Being bill paid on Maturity) | |||||
In the books of C
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2018 | |||||
| Aug.25 | Bills receivable A/c | Dr. | 15,000 | ||
| To A A/c | 15,000 | ||||
| (Being endorsed bill received from A) | |||||
| Nov. 18 | Bills payable A/c | Dr. | 15,000 | ||
| To Cash A/c | 15,000 | ||||
| (Being bill paid on Maturity) | |||||
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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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