Question No 04 Chapter No 13 – D.K Goal 11 Class

Question No 04 Chapter No 13

Question No 04 Chapter No 13

Free Accounting book Solution - Class 11 and Class 12

04. On 15th February, 2019, X sold goods to Y for 60,000. On the same day, Y accepted a bill drawn upon him by X for three months for 60,000. X immediately discounted the bill at 15% p.a. at his bank and Y met the bill on maturity. Make Journal entries in the books of both the parties.

The solution of Question No 04 Chapter No 13: –

In the books of X(Drawer)
Date   Particulars
L.F. Debit Credit
2019          
Feb. 15 Bhushan A/c Dr.   60,000  
  To Sale A/c       60,000
  (Being Goods sold to Bhushan)        
           
Feb. 15 Bills Receivable A/c Dr.   60,000  
  To Bhushan A/c       60,000
  (Being Bhushan accepted the bill )        
           
Feb. 15 Bank A/c Dr.   57,750  
  Discounting Charges A/c Dr.   2,250  
  To Bill Receivable A/c       60,000
  (Being Bill honored on maturity)        
         
In the books of Y (Drawee)
Date   Particulars
L.F. Debit Credit
2019          
Feb. 15 Purchase A/c Dr.   60,000  
  To X A/c       60,000
  (Being Goods purchased from X)        
           
Feb. 15 X A/c Dr.   60,000  
  To Bills Payable A/c       60,000
  (Being Bill drawn by Ajay, accepted)        
           
May. 18 Bills Payable A/c Dr.   60,000  
  To Cash A/c       60,000
  (Being Bill honored on maturity)        
         

Note: When the due date falls on the Emergency holiday hereFebruary04, 2017, then the due date is the succeeding date i.e. February 05, 2017.

Working Note: –

Calculation of Discounting Charges

Opening Stock = 6,000 15 X 3
100 12
             
  = Rs 225        

Bills Payable Book | Subsidiary Books | Examples

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

D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.

ISC Accounts 11 20 Image min 197x300 - Question No 04 Chapter No 13 - D.K Goal 11 Class
D K Goel accountancy +1 – ISC_Accounts_11_20_ImageQuestion No 42 Chapter No 11 – D.K Goal 11 Class

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