
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) | |||||
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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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