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. | Debit | Credit | |
| 2018 | |||||
| Jan.12 | Bills Receivable A/c | Dr. | 6,000 | ||
| To Patil A/c | 6,000 | ||||
| (Being acceptance received for 60 days) | |||||
| Mar. 16 | Cash A/c | Dr. | 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. | Debit | Credit | |
| 2018 | |||||
| Jan.12 | Antony A/c | Dr. | 6,000 | ||
| To Bills Payable A/c | 6,000 | ||||
| (Being acceptance given for 60 days) | |||||
| Mar. 16 | Bills Payable A/c | Dr. | 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: –
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)