Question No 04 Chapter No 13

Question No 04 Chapter No 13

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.DebitCredit
2019     
Feb. 15Bhushan A/cDr. 60,000 
 To Sale A/c   60,000
 (Being Goods sold to Bhushan)    
      
Feb. 15Bills Receivable A/cDr. 60,000 
 To Bhushan A/c   60,000
 (Being Bhushan accepted the bill )    
      
Feb. 15Bank A/cDr. 57,750 
 Discounting Charges A/cDr. 2,250 
 To Bill Receivable A/c   60,000
 (Being Bill honored on maturity)    
     
In the books of Y (Drawee)
Date  Particulars
L.F.DebitCredit
2019     
Feb. 15Purchase A/cDr. 60,000 
 To X A/c   60,000
 (Being Goods purchased from X)    
      
Feb. 15X A/cDr. 60,000 
 To Bills Payable A/c   60,000
 (Being Bill drawn by Ajay, accepted)    
      
May. 18Bills Payable A/cDr. 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=6,00015X3
10012
       
 =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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