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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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26. On Nov. 1, 2019, Sonia drew a bill on sunny for ₹ 15,000 for 3 months for mutual accommodation. Sunny accepts the bill and returns it to Sonia. Sonia discounted the same with her bankers @ 6% p.a. The proceed are shared between Sonia and Sunny in proportion of 2/3 and 1/3 respectively. On the due date Sonia remits his proportion to Sunny who fails to meet the bill and as a result Swonia had to meet it. Sunny gave a fresh acceptance for 2 months from the amount due to Sonia plus interest of ₹ 100. Sunny met his second acceptance on due date. Record the necessary journal entries in the books of Sonia and Sunny.
Journal for Mr. ‘Sonia’ (Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2019 | |||||
| Nov. 1 | Bill receivable A/c | Dr. | 15,000 | ||
| To Sunny A/c | 15,000 | ||||
| (Being acceptance of bill received from Sunny for 3 months) | |||||
| Nov. 1 | Bank A/c | Dr. | 14,775 | ||
| Discount A/c | Dr. | 225 | |||
| To Bills receivable A/c | 15,000 | ||||
| (Being the bill discounted with bank @ 6% p.a.) | |||||
| Nov. 3 | Sunny A/c | Dr. | 5,000 | ||
| To Cash A/c | 4,925 | ||||
| To Discount A/c | 75 | ||||
| (Being 1/3 pf proceeds remitted to Sunny with discounted) | |||||
| 2020 | |||||
| Feb. 4 | Sunny's A/c | Dr. | 10,000 | ||
| To Cash A/c | 10,000 | ||||
| (Being remaining amount of bill remitted to Sunny) | |||||
| Feb. 4 | Sunny's A/c | Dr. | 15,000 | ||
| To Bank A/c | 15,000 | ||||
| (Being remaining amount of bill remitted to Sunny) | |||||
| Feb. 4 | Bills receivable A/c | Dr. | 15,100 | ||
| To Sunny A/c | 15,000 | ||||
| To Interest A/c | 100 | ||||
| (Being a fresh bill drawn on sunny and interest is also added in it) | |||||
| Apr. 7 | Cash A/c | Dr. | 15,100 | ||
| To Bill receivable A/c | 15,100 | ||||
| (Being bill met on due date) | |||||
Journal for Mr. ‘Sunny’ (Drawee)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2019 | |||||
| Nov. 1 | Sonia A/c | Dr. | 15,000 | ||
| To Bill payable A/c | 15,000 | ||||
| (Being acceptance of bill given to Sonia for 3 months) | |||||
| Nov. 3 | Cash A/c | Dr. | 4,925 | ||
| Discount A/c | Dr. | 75 | |||
| To Sonia A/c | 5,000 | ||||
| (Being 1/3 amount of bill remitted by Sonia) | |||||
| 2020 | |||||
| Feb. 4 | Cash A/c | Dr. | 10,000 | ||
| To Sonia A/c | 10,000 | ||||
| (Being remaining 2/3 amount of bill remitted by Sonia of due date) | |||||
| Feb. 4 | Bills payable A/c | Dr. | 15,000 | ||
| To Sonia A/c | 15,000 | ||||
| (Being bill dishonoured on due date) | |||||
| Feb. 4 | Sonia A/c | Dr. | 15,000 | ||
| Interest A/c | Dr. | 100 | |||
| To Bill payable A/c | 15,100 | ||||
| (Being a new acceptance of bill include interest of ₹ 100 given to Sonia) | |||||
| Apr. 7 | Bills payable A/c | Dr. | 15,100 | ||
| To Cash A/c | 15,100 | ||||
| (Being bill met on due date) | |||||
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: –
Part-I
Students may choose only one part from the Part II and Part III
Part-II
Part-III
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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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