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Question No 33 Chapter No 15 - USHA Publication 11 Class

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Question No 33 Chapter No 15

Renewal of Bill

33. Before the due date of bill for Rs 3,000
(a)X, the acceptance approaches us and pays Rs 1,000 in cash and asks us to draw on him another bill of Rs 2,150, Rs 150 being interest and we agree to it:
(b)X pays us Rs 25 of interest and we draw another bill of the full amount which he accept:
(c)C pays Rs 1,150 and accepts another bill of Rs 2,000
(d)X pays us Rs 1,000 in cash and endorses over to us bill of his for Rs 750 and we draw on him a fresh bill for him for the balance plus Rs 20 of interest
Pass the necessary journal entries to record the above transaction in our book.

The solution of Question No 33 Chapter No 15: -

Journal

Date	Particulars		Debit	Credit
(a)	X A/c	Dr.	3,000
	To Bill Receivable A/c			3,000
	(Being the cancellation of old bill.)

	Cash A/c	Dr.	1,000
	To X A/c			1,000
	(Being cash received from X.)
			150
	X
	To intrest A/c			150
	Bill Receivable A/c	Dr.	2,150
	To X A/c			2,150
	(Being new bill draw on X with interest.)

(b)	X A/c	Dr.	3,000
	To Bill Receivable A/c			3,000
	(Being the cancellation of old bill.)

	Cash A/c	Dr.	25
	To Interest A/c			25
	(Being interest paid in cash.)

	Bill Receivable A/c	Dr.	3,000
	To X A/c			3,000
	(Being new receipt of the new bill.)

(C)	X A/c	Dr.	3,000
	To Bill Receivable A/c			3,000
	(Being the cancellation of the old bill.)

	X A/c	Dr.	1,150
	To Bill Receivable A/c			1,000
	To Interest A/c			150
	(Being the cancellation of the old bill.)

	Bill Receivable A/c	Dr.	2,000
	To X A/c			2,000
	(Being new receipt of the new bill.)

(d)	X A/c	Dr.	3,000
	To Bill Receivable A/c			3,000
	(Being the cancellation of the old bill.)

	Cash A/c	Dr.	1,000
	To X A/c			1,000
	(Being the cancellation of the old bill.)

	Bill Receivable A/c	Dr.	750
	To X A/c			750
	(Being the receipt of bill duly endorsed by X received.)

	Bill Receivable A/c	Dr.	1,270
	To X A/c			1,250
	To Interest A/c			20
	(Being receipt of the new bill for the balancing including interest.)