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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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30. Yashpal owed money to Srinivas and hence accepted two bills each of 4,850 of three months. Duration drawn on him by Srinivas. On July 1, Srinivas endorsed one of the bills in favour of Hari Ram on July 7. On the same date he discounted the other bills with his bank and received net proceeds of ₹ 4,675.
Yashpal failed to meet both the bills on the date of maturity. On 4th October the bank debited the account of Srinivas with value of the second bill plus their charges of ₹ 20.
Yashpal is adjudged insolvent of the above in the books of Yashpal and Srinivas.
Journal for Mr. ‘Srinivas’ (Drawer)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| July 1 | Bill receivable (1) A/c | Dr. | 4,850 | ||
| Bill receivable (2) A/c | Dr. | 4,850 | |||
| To Yashpal A/c | 9,700 | ||||
| (Being two acceptance of bill received from Yashpal of ₹ 4,850 each) | |||||
| July 7 | Hari Ram’s A/c | Dr. | 4,850 | ||
| To Bill receivable A/c (1) | 4,850 | ||||
| (Being a bills receivable endorsed to Hari Ram) | |||||
| July 7 | Bank A/c | Dr. | 4,675 | ||
| Discount A/c | Dr. | 175 | |||
| To Bill receivable A/c (2) | 4,850 | ||||
| (being bill discounted with bank) | |||||
| Oct. 4 | Yashpal A/c | Dr. | 1,000 | ||
| To Hari Ram A/c | 940 | ||||
| (Being first bill not met by Yashpal on due date) | |||||
| Oct. 4 | Yashpal A/c | Dr. | 4,200 | ||
| To Bank A/c | 4,200 | ||||
| (Being Second bill not met by Yashpal & Bank charges) | |||||
| Nov. 1 | Cash A/c | Dr. | 720 | ||
| Bad debts A/c | Dr. | 80 | |||
| To Yashpal a/c | 800 | ||||
| (Being Yashpal become insolvent & only 60% amount received from Him) | |||||
Journal for Mr. ‘Yashpal’ (Drawee)
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| July 1 | Srinivas A/c | Dr. | 9,700 | ||
| To Bill payable A/c (1) | 4,850 | ||||
| To Bill payable A/c (2) | 4,850 | ||||
| (Being two acceptances of bill given to Srinivas) | |||||
| Oct. 4 | Bills payable A/c (1) | Dr. | 4,850 | ||
| To Srinivas A/c | 4,850 | ||||
| (Being bill payable (1) not met on due date) | |||||
| Oct. 4 | Bills payable A/c (2) | Dr. | 4,850 | ||
| Bank charges A/c | Dr. | 20 | |||
| To Srinivas A/c | 4,870 | ||||
| (Being second bill also not met on due date) | |||||
| Nov. 1 | Srinivas A/c | Dr. | 9,720 | ||
| To Cash A/c | 5,832 | ||||
| To Deficiency A/c | 3,888 | ||||
| (Being insolvent and only 60% amount paid to Srinivas) | |||||
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
Check out T.S. Grewal +1 Book 2019 @ Oficial Website of Sultan Chand Publication
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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