Question No 14 Chapter No 16 - T.S. Grewal 11 Class

Question No 14 Chapter No 16

14. On 20th March, 2018, Naresh sold goods to Kailash to the value of 1,250, taking a bill at 3 months for the amount. On maturity, the bill was dishonoured. Naresh paid 10 as noting charges. On 1st July, Kailash cleared his account by paying 1,260. Make the entries in the books of both the parties to record the above transactions

The solution of Question No 14 Chapter No 16: - 

Books of Naresh

Date	Particulars		L.F.	Debit	Credit
2018
Mar.20	Kailash A/c	Dr.		1,250
	To Sales A/c				1,250
	(Being Goods sold to Kailash)
Mar.20	Bills Receivable A/c	Dr.		1,250
	To Kailash				1,250
	(Being Kailash ′s acceptance was received)
Jun.23	Kailash A/c	Dr.		1,260
	To Bills Receivable A/c				1,250
	To Cash A/c				10
	(Being Bill received from Kailash dishonoured and Rs10 paid for Noting the bill)
July 01	Cash A/c	Dr.		1,260
	To Kailash A/c				1,260
	(Being Received cash from Kailash)

 

Books of Kailash

Date	Particulars		L.F.	Debit	Credit
2018
Mar.20	Purchases A/c	Dr.		1,250
	To Naresh A/c				1,250
	(Being Goods bought from Naresh)
Mar.20	Naresh A/c	Dr.		1,250
	To Bills Payable A/c				1,250
	(Being Kailash ′s acceptance was received)
Jun.23	Bills Payable A/c	Dr.		1,260
	Noting Charges A/c	Dr.		10
	To Naresh				1,260
	(Being Bill received from Kailash dishonoured and Rs10 paid for Noting the bill)
July 01	Naresh A/c	Dr.		1,260
	To Cash A/c				1,260
	(Being cash paid to Naresh)

 

 

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Also, Check out the solved question of previous Chapters: -

• • Chapter No. 1 – Introduction to Accounting
  • Chapter No. 2 – Basic Accounting Terms
  • Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
  • Chapter No. 4 – Bases of Accounting
  • Chapter No. 5 – Accounting Equation
  • Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
  • Goods and Services Tax(GST)
  • Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
  • Chapter No. 8 – Journal
  • Chapter No. 9 – Ledger
  • Chapter No. 10 – Special Purpose Books I – Cash Book
  • Chapter No. 11 – Special Purpose Books II – Other Books
  • Chapter No. 12 – Bank Reconciliation Statement
  • Chapter No. 13 – Trial Balance
  • Chapter No. 14 – Depreciation
  • Chapter No. 15 – Provisions and Reserves
  • Chapter No. 16 – Accounting for Bills of Exchange
  • Chapter No. 17 – Rectification of Errors
  • Chapter No. 18 – Financial Statements of Sole Proprietorship
  • Chapter No. 19 – Adjustments in preparation of Financial Statements
  • Chapter No. 20 – Accounts from incomplete Records – Single Entry System
  • Chapter No. 21 – Computers in Accounting
  • Chapter No. 22 – Accounting Software – Tally
  • Chapter No. 5 - Accounting Equation
  • Chapter No. 6 - Accounting Procedures - Rules of Debit and Credit
  • Goods and Services Tax(GST)
  • Chapter No. 8 - Journal
  • Chapter No. 9 - Ledger
  • Chapter No. 10 – Special Purpose Books I – Cash Book

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