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Question No 5 Chapter No 16 - T.S. Grewal 11 Class

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Question No 5 Chapter No 16

Discount of bill from the Bank

5. Vinod sold goods to Darbara Singh for 1,000. He drew on the latter a bill for the amount payable 3 months after date. He discounted the bill with his bankers for 990. On maturity, the bill is duly met. Make the Journal entries in the books of Vinod and Darbara Singh.

The solution of Question No 5 Chapter No 16: -

Books of Vinod

Particulars		Debit	Credit

Darbara Singh A/c	Dr	1,000
To Sales A/c			1,000
(Being goods sold )
Bills Receivable A/c	Dr.	1,000
To Darbara Singh			1,000
(Being Bill received )
Bank A/c	Dr.	990
Discount Charges A/c	Dr.	10
To Bills Receivable A/c			1,000
(Being Cash received against the bill )

Books of Darbara Singh

Particulars		Debit	Credit

Purchases A/c	Dr	1,000
To Vinod A/c			1,000
(Being goods bought )
Vinod A/c	Dr.	1,000
To Bills Payable A/c			1,000
(Being Bill accepted )
Bills Payable A/c	Dr.	1,000
To Bank A/c			1,000
(Being Cash paid against the bill )

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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