Question No 28 Chapter No 14 – Class 11 Unimax

Dr.	Y's A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
Feb. 1	To cash A/c		980	Feb. 1	By Bill receivable A/c		2,000
Feb. 1	To Discount A/c		20	Mar. 4	By Discount A/c		50
May 4	To Bill payable A/c		2,500	May 4	By Cash A/c		200
	To Cash A/c		375		By Bill Payable A/c		2,500
	To Deficiency A/c		875
			4,750				4,750

 

Journal for Mr. ‘Y’ (Drawee)

Date	Particulars		L.F.	Debit	Credit
Feb. 1	X’s A/c	Dr.		2,000
	To Bill payable A/c				2,000
	(Being acceptance of bill given to X for 3 months)
Feb. 1	Cash A/c	Dr.		980
	Discount A/c	Dr.		20
	To X’s A/c				1,000
	(Being half the amount of bill received from X)
May 4	Bills payable A/c	Dr.		2,000
	To Cash A/c				2,000
	(Being bill met on due date)
May 4	Bills receivable A/c	Dr.		2,500
	To X’s A/c				2,500
	(Being acceptance of bill received from X)
May 4	Bank A/c	Dr.		2,400
	Discount A/c	Dr.		100
	To Bills receivable A/c				2,500
	(Being bill discounted with bank)
May 4	X’s A/c	Dr.		250
	To Cash A/c				200
	To Discount A/c				50
	(Being cash paid to X)
Before Due date	X’s A/c	Dr.		2,500
	To Bank A/c				250
	(Being bill not met on due date by X)
Before Due date	Cash A/c	Dr.		375
	Bad debts A/c	Dr.		875
	To X’s (1,000+250) A/c				1,250
	(Being ‘X’ become insolvent and only 30% amount received from him)

 

Dr.	X's A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
Feb. 1	To Bills payable A/c		2,000	Feb. 1	By Bill receivable A/c		23,000
Mar. 4	To Discount A/c		50	Feb.  1	By Bill receivable A/c		23,485
May 4	To cash A/c		200	Mar. 4	By Cash A/c		10,000
	To Bank A/c		2,500		By Bill receivable A/c		13,985
			4,750				4,750

Working Note:

(i) As soon as one party become insolvent after making dishonoured entry it should be found as to how much amount is due by ‘X’ to ‘Y’ for which we should prepare X’s account in Y’s books and Y’s A/c in X’s book. Both will show the same amount with different balance (Dr. or Cr.)

(ii) Discounting charges of second bill have been apportioned in the ratio in which X & Y shared the proceeds of second bill i.e. 1:1 shown as follows:

Total proceeds received of second bill

Amount paid on behalf of partners for 1st bill

	X	Y
	1,000	1,000
Balance (₹ 2,400-2,000) 400, distributed as	200	200
	1,200	1,200
Ratio which proceeds of second bill shared 1:1
Discounting charges of second bill to be shared	50	50

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 

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