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Question No 7 Chapter No 16 - T.S. Grewal 11 Class

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Question No 7 Chapter No 16

Endorsement of the Bill

7. A drew a bill of 1,000 on B for 3 months which was duly accepted by the latter. A endorsed the bill to C in full payment of his own acceptance to C for a like amount. C endorsed the bill to B. Pass the Journal entries in the books of A, B and C.

The solution of Question No 7 Chapter No 16: -

Books of A

Particulars		Debit	Credit

Bills Receivable A/c	Dr.	1,000
To B A/c			1,000
(Being bill accepted by B )
Bank A/c	Dr.	1,000
To Bills Receivable A/c			1,000
(Being bill received with Discount )

Books of B

Particulars		Debit	Credit

A A/c	Dr.	1,000
To Bills Payable A/c			1,000
(Being Bill accepted )
Bills Payable A/c	Dr.	1,000
To Bills Receivable A/c			1,000
(Being Cash paid against the bill )

Books of C

Particulars		Debit	Credit

Bills Receivable A/c	Dr.	1,000
To A A/c			1,000
(Being Bill receivable received from A)
B A/c	Dr.	1,000
To Bills Receivable A/c			1,000
(Being Amount owed to B was settled by Bills Receivable)

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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