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Question No 24 Chapter No 15
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24. On 1st January 2019 Dada sold goods to Bhai for Rs 15,000 and drew upon him a bill at three months for the amount. Bhai accepted the bill and returned it to Dada. On 4th March 2019, Bhai retired the bill under a rebate of 6% per annum. Record the transactions in the journals of both parties.
In the books of Dada (Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2018 | |||||
| Jan.1 | Bhai A/c | Dr. | 15,000 | ||
| To Sales A/c | 15,000 | ||||
| (Being goods sold on credit) | |||||
| Jan.1 | Bill Receivable A/c | Dr. | 15,000 | ||
| To Bhai A/c | 15,000 | ||||
| (Being Acceptance received for Three months) | |||||
| Mar.4 | Cash A/c | Dr. | 14,925 | ||
| Rebate A/c | Dr. | 75 | |||
| To Bill Receivable A/c | 15,000 | ||||
| (Being bill received before due date with 6% rebate) | |||||
In the books of Bhai (Drawee)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2018 | |||||
| Jan.1 | Purchases A/c | Dr. | 15,000 | ||
| To Dada A/c | 15,000 | ||||
| (Being goods purchased on credit) | |||||
| Jan.1 | Dada A/c | Dr. | 15,000 | ||
| To Bill Payable A/c | 15,000 | ||||
| (Being acceptance given for three months) | |||||
| Mar.4 | Bill Payable A/c | Dr. | 15,000 | ||
| To Cash A/c | 14,925 | ||||
| To Rebate A/c | 75 | ||||
| (the payment of the bill made and rebate received) | |||||
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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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