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Question No 36 Chapter No 15 - USHA Publication 11 Class

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Question No 36 Chapter No 15

Renewal of Bill

36. Amar purchased goods worth of Rs 1,000 from Bimal of an.1,2019 and accepted a bill for one month drawn by Bimal for the same. Being Bimal unable to meet the bill on the due date, Amar requested Bimal to accept cash Rs 250 and draw a new bill for 2 months for the balance plus interest of Rs 10. Bimal accepted the proposal and drew on Amar another bill. The bill was duly met on the due date
Pass journal entries in the book of both the parties.

The solution of Question No 36 Chapter No 15: -

In the book of Amar(Drawee)

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

Jan.1	Bimal A/c	Dr.	1,000
	To Bill payable A/c			1,000
	(Being our acceptance given to B for 1 month.)

Feb.4	Bill payable A/c	Dr.	1,000
	To Bimal A/c			1,000
	(Being cancellation of the old bill.)

Feb.4	Bimal A/c	Dr.	250
	To Cash A/c			250
	(Being cash paid .)

Feb.4	Interest A/c		10
	To Bimal A/c			10
	(Being the amount of interest due to Bimal)

Feb.4	Bimal A/c	Dr.	760
	To Bill Payable A/c			760
	(Being a new bill accepted in favour of Bimal including interest.)

Apr.4	Bill Payable A/c	Dr.	760
	To Cash A/c			760
	(Being payment of the bill on maturity.)

In the book of Bimal (Drawer)

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

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

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

Feb.4	Cash A/c	Dr.	250
	To Amar A/c			250
	(Being amount of interest received.)

Feb.4	Amar A/c	Dr.	10
	To Interest A/c			10
	(Being receipt of the new bill for the amount with interest)

Feb.4	Bill Receivable A/c		760
	To Amar A/c			760
	(Being the receipt of a new bill from Amar including interest)

Apr.7	Cash A/c	Dr.	760
	To Bill Receivable A/c			760
	(Being the amount received on due date .)