Question No 06 Chapter No 15

Question No 06 Chapter No 15

Bill Retained till due date

6. Antony dawns a bill on Patil for Rs 6,000 on 0th January, 2019. This bill is accepted by Patil on 12th January, 2019. the bill is due 60 days after sight.
Pass the necessary journal entries in the book of the parties, assuming that the bill is met on Maturity.

The solution of Question No 06 Chapter No 15: –

In the books of Antony (Drawer)
Date  Particulars
L.F.DebitCredit
2018     
Jan.12Bills Receivable A/cDr. 6,000 
 To Patil A/c   6,000
 (Being acceptance received for 60 days)   
     
Mar. 16Cash A/cDr. 6,000 
 To Bills Receivable A/c   6,000
 (Being bill received on maturity date )   
     

 

In the books of Patil (Drawee)
Date  Particulars
L.F.DebitCredit
2018     
Jan.12Antony A/cDr. 6,000 
 To Bills Payable A/c   6,000
 (Being acceptance given for 60 days)   
     
Mar. 16Bills Payable A/cDr. 6,000 
 To Cash A/c   6,000
 (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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