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

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. 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 x 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.