Question No 03 Chapter No 15 - USHA Publication 11 Class

Question No 03 Chapter No 15

Table of Contents

The solution of Question No 03 Chapter No 15: –

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Bill Retained till due date

3. Dutta sold goods to Kumar for Rs 5,000 on 1st March, 2017. on the same date, Dutta draws a bill of exchange at two months of Kumar for the amount. Kumar accepts it and sends back to Dutta. Dutta retained it till due date. The bill is paid on the due date. Pass journal entries in the book of Dutta and Kumar.

The solution of Question No 03 Chapter No 15: –

In the books of Dutta (Drawer)
Date	Particulars		L.F.	Debit	Credit
2017
Mar.01	Kumar A/c	Dr		5,000
	To Sales A/c				5,000
	(Being goods sold on credit)

Mar.01	Bills Receivable A/c	Dr.		5,000
	To Kumar A/c				5,000
	(Being acceptance received for 2 months)

May.04	Cash A/c	Dr.		5,000
	To Bills Receivable A/c				5,000
	(Being bill received on maturity date )

In the books of Kumar(Drawee)
Date	Particulars		L.F.	Debit	Credit
2017
Mar.01	Purchases A/c	Dr		5,000
	To Dutta A/c				5,000
	(Being goods bought on credit)

Mar.01	Dutta A/c	Dr.		5,000
	To Bills Payable A/c				5,000
	(Being acceptance given for 2 months)

May.04	Bills Payable A/c	Dr.		5,000
	To Cash A/c				5,000
	(Being bill paid on maturity date )