Question No 04 Chapter No 15 – USHA Publication 11 Class

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
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 )      
         

 

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: –

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Vouchers and transactions

Chapter No. 4 – Journal

Chapter No. 5 – Ledger

Chapter No. 6 – Cash Book

Chapter No. 7 – Other Subsidiary Books

Chapter No. 8 – Journal Proper

Chapter No. 9 – Trial Balance 

Chapter No. 10 – Bank Reconciliation Statement

Chapter No. 11 – Depreciation

Chapter No. 12 – Provisions and Reserves 

Chapter No. 13 – Bills of Exchange

Chapter No. 14 – Rectification of Errors 

Chapter No. 15 – Financial Statements – (Without Adjustments)

Chapter No. 16 – Financial Statements – (With Adjustments)

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