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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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16. Dinesh draws a bill on Barun for ₹ 8,000. The bill is accepted by Barun. Show what entries would be passed in the book of Dinesh under each of the following circumstances:
1. If he retains the bill till due date and then realizes it.
2. If he discounts the same with his bankers for ₹ 7,940.
3. If he endorsee the same to his creditor Raghaban.
4. If he sends the same to his banker for collection.
You assume:
a. That the bill is met on the due date.
b. That the bill is dishonoured on due date no noting charges being incurred.
Journal for Mr. ‘Dinesh’ (Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Bill receivable A/c | Dr. | 8,000 | |||
| To B’s A/c | 8,000 | ||||
| (Being a bill drawn and accepted) | |||||
| Case1. A | Cash A/c | Dr. | 8,000 | ||
| To Bill receivable A/c | 8,000 | ||||
| (Being the bill met on due date) | |||||
| Case.1. B | Barun’s A/c | Dr. | 8,000 | ||
| To Bill receivable A/c | 8,000 | ||||
| (Being the bill dishonoured on due date) | |||||
| Bill receivable A/c | Dr. | 8,000 | |||
| To Barun’s A/c | 8,000 | ||||
| (Being a bill drawn and accepted) | |||||
| Case.2 | Bank A/c | Dr. | 7,940 | ||
| Discount A/c | Dr. | 60 | |||
| To Bills receivable A/c | 8,000 | ||||
| (Being the bill dishonoured from bank) | |||||
| Case.2. A | No entry | ||||
| Case.2. B | Barun A/c | Dr. | 8,000 | ||
| To Bank A/c | 8,000 | ||||
| (Being the bill dishonoured on due date) | |||||
| Case. 3 | Bills receivable A/c | Dr. | 8,000 | ||
| To Barun A/c | 8,000 | ||||
| (Being the bill drawn and accepted) | |||||
| Case.3 | Raghavan A/c | Dr. | 8,000 | ||
| To Bill receivable A/c | 8,000 | ||||
| (Being bill endorsed to creditor Raghavan) | |||||
| Case.3. A | No entry | ||||
| Case.3. B | Barun A/c | Dr. | 8,000 | ||
| To Raghavan A/c | 8,000 | ||||
| (Being the bill dishonoured and returned by creditor) | |||||
| Case.4 | Bill sent for collection A/c | Dr. | 8,000 | ||
| To Barun A/c | 8,000 | ||||
| (Being the bill sent to bank for collection) | |||||
| Case.4. A | Bank A/c | Dr. | 8,000 | ||
| To Bill sent for collection A/c | 8,000 | ||||
| (Being the bill collection by bank) | |||||
| Case.4. B | Barun A/c | Dr. | 8,000 | ||
| To bill sent for collection A/c | 8,000 | ||||
| (Being the bill dishonoured on due date) | |||||
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: –
Part-I
Students may choose only one part from the Part II and Part III
Part-II
Part-III
Check out T.S. Grewal +1 Book 2019 @ Oficial Website of Sultan Chand Publication
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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