Question No 22 Chapter No 16 - T.S. Grewal 11 Class

Question No 22 Chapter No 16

22. On 1st January 2017, A draws a bill on B for 1,000 payable after 3 months. Immediately after its acceptance, A sends the bill to his bank for collection. On the due date, the bill was dishonoured. Record the transactions in the Journals of A and B

The solution of Question No 22 Chapter No 16: - 

Books of A

Date	Particulars		L.F.	Debit	Credit
2018
Jan. 01	Bills Receivable A/c	Dr.		1,000
	To B A/c				1,000
	(Being Goods were sold to Reshma plus IGST@18)
Jan.01	Bills Sent for Collection A/c	Dr.		1,000
	To Bills Receivable A/c				1,000
	(Being B′s acceptance sent to the bank for Collection)
Apr.04	B A/c	Dr.		1,000
	To Bills Sent for Collection A/c				1,000
	(Being B′s acc bill came dishonoured)

 

Books of B

Date	Particulars		L.F.	Debit	Credit
2018
Jan. 01	A  A/c	Dr.		1,000
	To Bills Payable A/c				1,000
	(Being Bought goods from Rama plus IGST @18)
Jan.01	Bills Payable A/c	Dr.		1,000
	To A A/c				1,000
	(Being Bills Payable to A became dishonoured)

 

 

https://tutorstips.com/bill-of-exchange/

Thanks, Please Like and share with your friends  

Comment if you have any question.

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

Check out T.S. Grewal +1 Book 2019 @ Official Website of Sultan Chand Publication