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Question No 19 Chapter No 15
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19. Jasdev Singh sold goods o Hardev Singh on 1st February 2019 for Rs 20,000. Hardev Singh gave a promissory note to Jasdev Singh on 4th February 2019 of 3 months duration for the amount. Jasdev Singh sent the promissory note to bank for collection on 5th may 2019 which was duly collected on the due date. Bank charged Rs 300 as collection charges.
Record the enters in the books of Jasdev Singh and Hardev Singh.
In the books of Jasdev Singh (Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2018 | |||||
| Feb.1 | Hardev Singh A/c | Dr. | 20,000 | ||
| To Sales A/c | 20,000 | ||||
| (Being goods sold on credit) | |||||
| Feb.4 | Bill Receivable A/c | Dr. | 20,000 | ||
| To Hardev Singh A/c | 20,000 | ||||
| (Promissory note received) | |||||
| May.5 | Bank for collection A/c | Dr. | 20,000 | ||
| To Bill Receivable A/c | 20,000 | ||||
| (Being bill sent to the bank for collection) | |||||
| May.7 | Bank A/c | Dr. | 19,700 | ||
| Collection Charge A/c | Dr. | 300 | |||
| To Bill Receivable A/c | 20,000 | ||||
| (Being bill collected and charges deducted ) | |||||
In the books of Hardev Singh (Drawee)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2018 | |||||
| Feb.1 | Purchases A/c | Dr. | 20,000 | ||
| To Jasdev Singh A/c | 20,000 | ||||
| (Goods purchased on credit) | |||||
| Feb.1 | Jasdev Singh A/c | Dr. | 20,000 | ||
| To Bill Payable A/c | 20,000 | ||||
| (Promissory note sent) | |||||
| Mar.4 | Bill Payable A/c | Dr. | 20,000 | ||
| To Cash A/c | 20,000 | ||||
| (Payment made against promissory note) | |||||
https://tutorstips.com/bills-receivable/
https://tutorstips.com/bills-payable/
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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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