Question No 06 Chapter No 14 – Class 11 Unimax

6. A sold goods on credit to B for ₹ 5,000. A drew a 2 months bill on B who accepts and returns the same to A. A endorses the bill in favour of C for the settlement of his debt ₹ 5,050. On due date the bill is met. Pass necessary entries in the books of all parties.

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The solution of Question No 06 Chapter No 14 – UNIMAX Class 11

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

The solution of Question No 06 Chapter No 14 – UNIMAX Class 11

Journal for Mr. ‘A’ (Drawer)
Date	Particulars		L.F.	Debit	Credit

1.	B’s A/c	Dr.		5,000
	To Sales A/c				5,000
	(Being goods sold on credit)

2.	Bill Receivable A/c	Dr.		5,000
	To B’s A/c				5,000
	(Being the bill for 2 months drawn and accepted)

3.	C’s A/c	Dr.		5,050
	To Bill receivable A/c				5,000
	To Discount received A/c				50
	(Being the bill endorsed to creditor T)

Journal for Mr. ‘B’ (Drawee)
Date	Particulars		L.F.	Debit	Credit

1.	Purchases A/c	Dr.		5,000
	To A’s A/c				5,000
	(Being goods purchased on credit)

2.	A’s A/c	Dr.		5,000
	To Bill payable A/c				5,000
	(Being the bill for accepted for 2 months and returned)

3.	Bill payable A/c	Dr.		5,000
	To Cash A/c				5,000
	(Being the bill met on due date)

Journal for Mr. ‘C’ (Endorsee)
Date	Particulars		L.F.	Debit	Credit

1.	Bill receivable A/c	Dr.		5,000
	Discount allowed A/c	Dr.		50
	To R’s A/c				5,050
	(Being goods purchased on credit)

2.	Cash A/c	Dr.		5,000
	To Bill receivable A/c				5,000
	(Being the bill met on due date)

Read out the full article to know the meaning of Cash Book

Bill of exchange (BOE): Meaning and Examples

Also, Check out the same article in Hindi from the following link

Bill of exchange (BOE): Meaning and Examples

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

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

Chapter No. 1 – Introduction of Accounting
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Vouchers and Transactions
Chapter No. 4 – Journal
Chapter No. 5 – Goods and Services Tax (GST): An Introduction
Chapter No. 6 – Ledger
Chapter No. 7 – Special Purpose Book – Cash Book
Chapter No. 8 – Other Subsidiary Books
Chapter No. 9 – Trial Balance
Chapter No. 10 – Rectification of Errors
Chapter No. 11 – Depreciation
Chapter No. 12 – Provision and Reserves
Chapter No. 13 – Bank Reconciliation Statement
Chapter No. 14 – Bills of Exchange

Students may choose only one part from the Part II and Part III

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Part-II

Chapter No. 15 – Financial Statements (Without Adjustments)
Chapter No. 16 – Financial Statements (With Adjustments)
Chapter No. 17 – Accounts from Incomplete Records – Single Entry System

Part-III

Chapter No. 18 – Introduction to Computers and Accounting information System
Chapter No. 19 – Computerised Accounting
Chapter No. 20 – Accounting Software: Tally
Chapter No. 21 – Data Base System
Chapter No. 22 – Concept of Entity and Relationship