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Question No 15 Chapter No 15
Bill Sent For Collection
15.A drawas a bill on B on Jan. 1,2018 for Rs 5,000 payable 3 months after date. Three days before the due date, A sends the bill to his banker for collection. The bill was duly collected on the due date by bank and charged Rs 50 as collection charges. Pass entries in the books of A and B.
In the books of A (Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2018 | |||||
| Jan.1 | Bill Receivable A/c | Dr. | 5,000 | ||
| To B A/c | 5,000 | ||||
| (Being acceptance received) | |||||
| Apr.1 | Bank for collection A/c | Dr. | 5,000 | ||
| To Bills receivable A/c | 5,000 | ||||
| (Being bill sent for collection) | |||||
| Apr.4 | Bank A/c | Dr. | 4,950 | ||
| Collection charges A/c | Dr. | 50 | |||
| To Bank for collection A/c | 5,000 | ||||
| (Being the amount received by the bank on a collection of the bill) | |||||
In the books of B (Drawee)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2018 | |||||
| Jan.1 | A A/c | Dr. | 5,000 | ||
| To Bill Payable A/c | 5,000 | ||||
| (Being the acceptance given to A) | |||||
| Apr.4 | Bills payable A/c | Dr. | 5,000 | ||
| To Cash A/c | 5,000 | ||||
| (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.
This guide covers "Question No 15 Chapter No 15 - USHA Publication 11 Class", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +1 Elements of Book-Keeping.
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