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Question No 35 Chapter No 15 - USHA Publication 11 Class

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Question No 35 Chapter No 15

Renewal of Bill

35. On 1st April 2019. A purchased goods worth Rs 1,000 from B and accepted a bill of exchange for the amount for 2 months. On the 4th April, B got the bill discounted by his bankers for Rs 985. before due date, A approached B with a request of renewal of the bill for another two months. B consented on the condition that the new bill will including rs 20 as interest. The second bill was duly met
Pass the journal entries in both the parties.

The solution of Question No 35 Chapter No 15: -

In the book of A(Drawee)

Date	Particulars		Debit	Credit
2019
Apr.1	Purchases A/c	Dr.	1,000
	To B A/c			1,000
	(Being goods purchased on credit .)

Apr.1	B A/c	Dr.	1,000
	To Bill payable A/c			1,000
	(Being our acceptance given to B for 2 months.)

Jun.4	Bill payable A/c	Dr.	1,000
	To B A/c			1,000
	(Being cancellation of the old bill.)
			20
jun4	Intrest A/c			20
	To B A/c
Jun.4	B A/c	Dr.	1,020
	To Bill payable A/c			1,020
	(Being amount of interest received.)

Aug.7	Bill payable A/c	Dr.	1,020
	To Cash A/c			1,020
	(Being the payment of the bill on the due date .)

In the book of B(Drawer)

Date	Particulars		Debit	Credit
2019
Apr.1	A A/c	Dr.	1,000
	To Sale A/c			1,000
	(Being goods sold to A on credit .)

Apr.1	Bill Receivable A/c	Dr.	1,000
	To A A/c			1,000
	(Being our acceptance given to B for 2 months.)

Jun.4	A A/c	Dr.	1,000
	To Bill Receivable A/c			1,000
	(Being cancellation of the old bill.)

Jun.4	Bill Receivable A/c	Dr.	1,020
	To Interest A/c			20
	To A A/c			1,000
	(Being amount of interest received.)

Aug.7	Cash A/c	Dr.	1,020
	To Bill Receivable A/c			1,020
	(Being the payment of the bill on the due date .)