Question No 43 Chapter No 16 - T.S. Grewal 11 Class

Question No 43  Chapter No 16

43. On 1st January 2018, Mr X sold goods to Mr Y for 45,000 plus CGST and SGST @ 9% each on credit. Mr Y paid the amount of GST immediately in cash. Mr  X drew 3 bills on him: the first bill for 10,000 for 1 month, the second bill for 15,000 for 2 months and the third bill for 20,000 for 3 months. Mr Y accepted and returned all the bills to Mr X.

The solution of Question No 43 Chapter No 16:-

Books of X

Date	Particulars		L.F.	Debit	Credit
2008
Jan.01	Y’s A/c	Dr.		53,100
	To Sales A/c				45,000
	To Output CGST A/c				4,050
	To Output SGST A/c				4,050
	(Being Goods sold to Y)
Jan.01	Cash A/c	Dr.		8,100
	Bills Receivable I A/c	Dr.		10,000
	Bills Receivable II A/c	Dr.		15,000
	Bills Receivable III A/c	Dr.		20,000
	To Y A/c				53,100
	(Being Cash and bills received)
Jan 03	Z’s A/c	Dr.		15,000
	To Bills Receivable II A/c				15,000
	( Being Bill endorsed to Z )
Jan 04	Bill Sent for Collection A/c	Dr.		20,000
	To Bill Receivable III A/c				20,000
	(Being Bill sent for collection )
Feb 04	Y’s A/c	Dr.		11,000
	To Bills Receivable A/c				10,000
	To Cash A/c				1,000
	(Being Bill Receivable dishonoured)
Mar.04	Y’s A/c	Dr.		16,500
	To Z’s A/c				16,500
	(Being Cash and bills received)
Apr 04	Y’s A/c	Dr.		22,000
	To Bill Sent for Collection A/c				20,000
	To Cash A/c				2,000
	( Being Bill ReceivableIII dishonoured)

 

Books of Y

Date	Particulars		L.F.	Debit	Credit
2008
Jan.01	Purchases A/c	Dr.		45,000
	Input CGST A/c	Dr.		4,050
	Input SGST A/c	Dr.		4,050
	To X’s A/c				53,100
	(Being Goods purchased from X)
Jan.01	X’s A/c	Dr.		53,100
	To Bills Payable I A/c				10,000
	To Bills Payable II A/c				15,000
	To Bills Payable III A/c				20,000
	To Cash A/c				8,100
	(Being Cash paid and bills accepted)
Feb 04	Bills Payable A/c	Dr.		10,000
	Noting Charges A/c	Dr.		1,000
	To A  A/c				11,000
	(Being Bills dishonoured)
Mar 04	Bills Payable A/c	Dr.		15,000
	Noting Charges A/c	Dr.		1,000
	To Z’s A/c				16,000
	(Being Bill PayableI dishonoured)
Apr 04	Bills Payable A/c	Dr.		20,000
	Noting Charges A/c	Dr.		2,000
	To Cash A/c				22,000
	(Being Bill PayableI dishonoured)

 

 

Books of Z

Date	Particulars		L.F.	Debit	Credit
2008
Jan.03	Bills Receivable A/c	Dr.		15,000
	To X’s A/c				15,000
	(Being Bill received from A )
Mar. 04	X’s A/c	Dr.		16,500
	To Bills Receivable A/c 1				15,000
	To Cash A/c				1,500
	(Being Bill dishonoured on due date)

 

 

 

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Also, Check out the solved question of previous Chapters: -

• • Chapter No. 1 – Introduction to Accounting
  • Chapter No. 2 – Basic Accounting Terms
  • Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
  • Chapter No. 4 – Bases of Accounting
  • Chapter No. 5 – Accounting Equation
  • Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
  • Goods and Services Tax(GST)
  • Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
  • Chapter No. 8 – Journal
  • Chapter No. 9 – Ledger
  • Chapter No. 10 – Special Purpose Books I – Cash Book
  • Chapter No. 11 – Special Purpose Books II – Other Books
  • Chapter No. 12 – Bank Reconciliation Statement
  • Chapter No. 13 – Trial Balance
  • Chapter No. 14 – Depreciation
  • Chapter No. 15 – Provisions and Reserves
  • Chapter No. 16 – Accounting for Bills of Exchange
  • Chapter No. 17 – Rectification of Errors
  • Chapter No. 18 – Financial Statements of Sole Proprietorship
  • Chapter No. 19 – Adjustments in preparation of Financial Statements
  • Chapter No. 20 – Accounts from incomplete Records – Single Entry System
  • Chapter No. 21 – Computers in Accounting
  • Chapter No. 22 – Accounting Software – Tally
  • Chapter No. 5 - Accounting Equation
  • Chapter No. 6 - Accounting Procedures - Rules of Debit and Credit
  • Goods and Services Tax(GST)
  • Chapter No. 8 - Journal
  • Chapter No. 9 - Ledger
  • Chapter No. 10 – Special Purpose Books I – Cash Book

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