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

Question No 04 Chapter No 13

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The solution of Question No 04 Chapter No 13: –

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

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: –

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Calculation of Discounting Charges

Opening Stock	=	6,000	x	15	X	3
Opening Stock	=	6,000	x	100	X	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

Chapter 1 Evolution of Accounting & Basic Accounting Terms
Chapter 2 Accounting Equations
Chapter 3 Meaning and Objectives of Accounting
Chapter 4 Double Entry System
Chapter 5 Books of Original Entry – Journal
Chapter 6 Accounting for Goods and Service Tax (GST) (Coming soon)
Chapter 7 Books of Original Entry – Cash Book (Coming soon)
Chapter 8 Books of Original Entry – Special Purpose Subsidiary Books (Coming soon)
Chapter 9 Ledger (Coming soon)
Chapter 10 Trial Balance and Errors (Coming soon)
Chapter 11 Bank Reconciliation Statement (Coming soon)
Chapter 12 Depreciation (Coming soon)
Chapter 13 Bills of Exchange (Coming soon)
Chapter 14 Generally Accepted Accounting Principles(GAAP)
Chapter 15 Bases of Accounting
Chapter 16 Accounting Standards and International Financial Reporting Standard(IFRS) (Coming soon)
Chapter 17 Capital and Revenue
Chapter 18 Provisions and Reserves
Chapter 19 Final Accounts (Coming soon)
Chapter 20 Final Accounts – With Adjustments (Coming soon)
Chapter 21 Errors and their Rectification (Coming soon)
Chapter 22 Accounts from Incomplete Records – Single Entry System (Coming soon)
Chapter 23 Accounts of Not-for-Profit Organisations (Coming soon)
Chapter 24 Computerised Accounting System (Coming soon)
Chapter 25 Introduction to Accounting Information System (Coming soon)

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

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

The solution of Question No 04 Chapter No 13: –

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

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