Question No 23 Chapter No 14 – Class 11 Unimax

Question No 23 Chapter No 14 – Class 11 Unimax

23. Y purchased goods for ₹ 6,000 on 1st June,2019 from the X and on the same date accepted a bill payable after three months. 3 days later, X endorsed the bill to Z. On maturity, the bill was dishonored for non-payment and Z had to pay ₹ 50 as noting charges.
Three days after the dishonor of the bill of X made full payment to Z. 15 days after the dishonor of the bill, Y paid ₹ 2,000 to X and requested him to drew a second bill for the balance plus ₹ 90 for the amount of interest, payable after two months. X accepted the proposal and drew the bill on Y, which accepted by Y was duly met maturity.
Record the above transactions in the books of all the three parties.

The solution of Question No 23 Chapter No 14 - UNIMAX Class 11

Journal for Mr. ‘X’ (Drawer)

Date	Particulars		L.F.	Debit	Credit
2020
June 1	Y’s A/c	Dr.		6,000
	To Sales A/c				6,000
	(Being goods sold on credit)
June 1	Bill receivable A/c	Dr.		6,000
	To Y’s A/c				6,000
	(Being a bill for 3 months drawn and accepted)
June 4	Z’s A/c	Dr.		6,000
	To Bill receivable A/c				6,000
	(Being bill endorsed and Mr. ‘Z’)
Sep 4	Y’s A/c	Dr.		6,050
	To ‘Z’ A/c				6,050
	(Being the bill dishonoured and ‘Z’ paid ₹ 50 as noting charges)
Sep. 7	Z’s A/c	Dr.		6,050
	To Cash A/c				6,050
	(Being payment made to creditor Mr. ‘Z’)
Sep. 19	Cash A/c	Dr.		2,000
	To Y’s A/c				2,000
	(Being cash received from Mr. ‘Y’)
Sep. 19	Bills receivable A/c (2)	Dr.		4,140
	To Y’s A/c				4,050
	To Interest A/c				90
	(Being the a new bill for 2 months with ₹ 90 as interest in clued in it drawn and accepted)
Nov. 22	Cash A/c	Dr.		4,140
	To Bill receivable A/c				4,140
	(Being the fourth bill met at maturity)

 

Journal for Mr. ‘Y’ (Drawee)

Date	Particulars		L.F.	Debit	Credit
2020
June 1	Purchases A/c	Dr.		6,000
	To X’s A/c				6,000
	(Being the goods purchased on credit from Mr. ‘X’)
June 1	X’s A/c	Dr.		6,000
	To Bill payable A/c				6,000
	(Being a bill for 3 months accepted and returned)
Sep. 4	Bills payable A/c	Dr.		6,000
	Nothing charges A/c	Dr.		50
	To X’s A/c				6,050
	(Being the bill dishonoured and ₹ 50 paid as noting charges)
Sep. 19	X’s A/c	Dr.		2,000
	To Cash A/c				2,000
	(Being cash paid to Mr. ‘X’)
Sep. 19	X’s A/c	Dr.		4,050
	Interest A/c	Dr.		90
	To Bill payable A/c				4,140
	(Being a new bill for 2 months with ₹ 90 as interest in clued in it accepted and returned to Mr. ‘X’)
Nov. 22	Bills payable A/c	Dr.		4,140
	To Cash A/c				4,140
	(Being own acceptance met at maturity)

 

Journal for Mr. ‘Z’ (Endorsee)

Date	Particulars		L.F.	Debit	Credit
2020
June 4	Bills payable A/c (1)	Dr.		6,000
	To X’s A/c				6,000
	(Being the bill received from Mr. X)
Sep. 4	X’s A/c	Dr.		6,050
	To Bills receivable A/c				6,000
	To Cash A/c				50
	(Being the bill dishonoured and ₹ 50 paid as noting charges)
Sep. 7	Cash A/c	Dr.		6,050
	To X’s A/c				6,050
	(Being cash received from Mr. ‘X’)

 

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: –

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

• Chapter No. 1 - Introduction of Accounting
• Chapter No. 2 - Theory Base of Accounting
• Chapter No. 3 - Vouchers and Transactions
• Chapter No. 4 - Journal
• Chapter No. 5 - Goods and Services Tax (GST): An Introduction
• Chapter No. 6 - Ledger
• Chapter No. 7 - Special Purpose Book -  Cash Book
• Chapter No. 8 - Other Subsidiary Books 
• Chapter No. 9 - Trial Balance 
• Chapter No. 10 - Rectification of Errors
• Chapter No. 11 - Depreciation
• Chapter No. 12 - Provision and Reserves
• Chapter No. 13 - Bank Reconciliation Statement
• Chapter No. 14 - Bills of Exchange 

Students may choose only one part from the Part II and Part III

Part-II

• Chapter No. 15 - Financial Statements (Without Adjustments)
• Chapter No. 16 - Financial Statements (With Adjustments)
• Chapter No. 17 - Accounts from Incomplete Records -  Single Entry System

Part-III

• Chapter No. 18 - Introduction to Computers and Accounting information System
• Chapter No. 19 - Computerised Accounting
• Chapter No. 20 - Accounting Software: Tally 
• Chapter No. 21 - Data Base System
• Chapter No. 22 - Concept of Entity and Relationship 

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