Question No 04 Chapter No 15

Question No 04 Chapter No 15

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
Jan.01B A/cDr 1,500 
 To Sales A/c   1,500
 (Being goods sold on credit)    
Jan.01Bills Receivable A/cDr. 1,500 
 To B A/c   1,500
 (Being acceptance received for 2 months)   
Apr.04Cash A/cDr. 1,500 
 To Bills Receivable A/c   1,500
 (Being bill received on maturity date )   


In the books of B (Drawee)
Date  Particulars
Jan.01Purchases A/cDr 1,500 
 To A A/c   1,500
 (Being goods bought on credit)    
Jan.01A  A/cDr. 1,500 
 To Bills Payable A/c   1,500
 (Being acceptance given for 2 months)   
Apr.04Bills Payable A/cDr. 1,500 
 To Cash A/c   1,500
 (Being bill paid on maturity date )   


Bills Receivable Book | Subsidiary Books | Examples


Bills Payable Book | Subsidiary Books | Examples


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

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

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

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