Question No 04 Chapter No 15 - USHA Publication 11 Class

Question No 04 Chapter No 15

Table of Contents

The solution of Question No 04 Chapter No 15: –

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

Bill Retained till due date

4. On 1st January 2018, A sold goods to B of the value of Rs 1,500 and drew upon the latter at three months for the amount. B accepted the bill and returned it to A. on the due date, the bill was duly met.
Pass entries in the books of A and B

The solution of Question No 04 Chapter No 15: –

In the books of A(Drawer)
Date	Particulars		L.F.	Debit	Credit
2018
Jan.01	B A/c	Dr		1,500
	To Sales A/c				1,500
	(Being goods sold on credit)

Jan.01	Bills Receivable A/c	Dr.		1,500
	To B A/c				1,500
	(Being acceptance received for 2 months)

Apr.04	Cash A/c	Dr.		1,500
	To Bills Receivable A/c				1,500
	(Being bill received on maturity date )

In the books of B (Drawee)
Date	Particulars		L.F.	Debit	Credit
2018
Jan.01	Purchases A/c	Dr		1,500
	To A A/c				1,500
	(Being goods bought on credit)

Jan.01	A A/c	Dr.		1,500
	To Bills Payable A/c				1,500
	(Being acceptance given for 2 months)

Apr.04	Bills Payable A/c	Dr.		1,500
	To Cash A/c				1,500
	(Being bill paid on maturity date )