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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Question No 41 Chapter No 16
41. Y purchased goods for 6,000 on 1st June, 2011 from X and on the same date accepted a bill payable after three months. 3 days later, X endorsed the bill to Z. On maturity, the bill was dishonoured for non-payment and Z had to pay 50 as noting charges. Two days after the dishonour of bill, Y paid 2,000 to X and requested him to draw a second bill for the balance plus 90 for the amount of interest, payable after two months. X accepted the proposal and draws the bill on Y, which was accepted by Y and was duly met on maturity. Pass Journal entries for the above transactions in the books of X.
The solution of Question No 41 Chapter No 16:-
a
Books of X
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2011 | |||||
| June 01 | Y A/c | Dr. | 6,000 | ||
| To Sales A/c | 6,000 | ||||
| (Being Goods sold to Y) | |||||
| June 01 | Bills Receivable A/c Bill no. 1 | Dr. | 6,000 | ||
| To Y A/c | 6,000 | ||||
| (Being Y′s acceptance received) | |||||
| June 04 | Z A/c | Dr. | 6,000 | ||
| To Bills Receivable A/c Bill no. 1 | 6,000 | ||||
| (Being Bill endorsed in favour of Z) | |||||
| Sept.04 | Y A/c | Dr. | 6,050 | ||
| To Z A/c | 6,050 | ||||
| (Being Endorsed bill get dishonoured and noting charges were paid) | |||||
| Sept.06 | Cash A/c | Dr. | 2,000 | ||
| Bills Receivable A/c Bill no. 2 4, 050 +90 | Dr. | 4,140 | |||
| To Y A/c | 6,050 | ||||
| To Interest A/c | 90 | ||||
| (Cash received and the remaining balance new Bill issued including interest | |||||
| Nov.09 | Cash A/c | Dr. | 4,140 | ||
| To Bills Receivable A/c Bill no. 2 | 4,140 | ||||
| (Being Bill met on the due date ) | |||||
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T.S. Grewal's Double Entry Book Keeping
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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