Question No 01 Chapter No 14 – Class 11 Unimax

Question No 01 Chapter No 14 – Class 11 Unimax
Question No 01 Chapter No 14 – Class 11 Unimax

Question No 01 Chapter No 14 – Class 11 Unimax

01. On 1.1.2020, X sold goods to Y for ₹ 5,000 for which X drew on Y a bill for 3 months after date. It was duly accepted by Y. X retained the bill till due date. The bill duly honored by Y at maturity. Pass journal entries in the books of X and Y.

The solution of Question No 01 Chapter No 14 – UNIMAX Class 11

Journal for Mr. ‘X’ (Drawer)
Date Particulars
L.F. Debit Credit
2020          
Jan.1 Y’s A/c Dr.   5,000  
  To Sales A/c       5,000
  (Being goods sold on to Y credit)      
           
Jan.1 Bill Receivable A/c Dr.   5,000  
  To Y’s A/c       5,000
  (Being bill drawn on Y accepted for 3 months)      
           
Apr.4 Cash A/c Dr.   5,000  
  To Bill receivable A/c       5,000
  (Being the bill honoured on the due date)      

 

 Journal for Mr. ‘Y’ (Drawee)
Date Particulars
L.F. Debit Credit
2020          
Jan.1 Purchases A/c Dr.   5,000  
  To X’s A/c       5,000
  (Being goods purchased on credit from X)      
           
Jan.1 X’s A/c Dr.   5,000  
  To Bill payable A/c       5,000
  (Being the bill for accepted for 3 months and returned)      
           
Apr.4 Bill payable A/c Dr.   5,000  
  To Cash A/c       5,000
  (Being the bill met on due date)      

Read out the full article to know the meaning of Cash Book

Bill of exchange (BOE): Meaning and Examples

Also, Check out the same article in Hindi from the following link

Bill of exchange (BOE): Meaning and Examples

Also, Check out the solved question of all Chapters: –

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

Students may choose only one part from the Part II and Part III

Part-II

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  • Chapter No. 15 – Financial Statements (Without Adjustments)
  • Chapter No. 16 – Financial Statements (With Adjustments)
  • Chapter No. 17 – Accounts from Incomplete Records –  Single Entry System

Part-III

  • Chapter No. 18 – Introduction to Computers and Accounting information System
  • Chapter No. 19 – Computerised Accounting
  • Chapter No. 20 – Accounting Software: Tally 
  • Chapter No. 21 – Data Base System
  • Chapter No. 22 – Concept of Entity and Relationship 

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