Question No 07 Chapter No 13 – D.K Goal 11 Class

Question No 07 Chapter No 13

Question No 07 Chapter No 13

Free Accounting book Solution - Class 11 and Class 12

Sending the Bill to Bank for Collection

07. X draws a Y bill for Rs 4,000 which was duly accepted by Y,Y meets the bill on the due date. Show what entries would be passed in the books of X and U under each of the following circumstances:

  1. If X retains the bill till the due date
  2. If X discounts the same with his banker paying Rs 100 for discount
  3. If X endorse the same to his creditor Z, in full settlement of his debts of Rs 4,080
  4. If X sends the bills to his banker for collection.

The solution of Question No 07 Chapter No 13: –

In the books of A (Drawer)
Date   Particulars
L.F. Debit Credit
2019          
Bills Receivable A/c Dr.   4,000  
  To Y A/c       4,000
  (Being Y accepted the bill)        
           
(i) Cash A/c Dr.   4,000  
  To Bills Receivable A/c       4,000
  (Being Bill honoured on maturity)        
           
(ii) Bank A/c Dr.   3,900  
  Discount A/c Dr.   100  
  To Bills Receivable A/c       4,000
  (Being Bills sent to bank for Discount)        
           
(iii) Z A/c Dr.   4,080  
  To Bills Receivable A/c       4,000
  To Discount Received A/c       80
  (Being Bills endorsed to Z in full Settlements)        
           
(iv) Sent for Collection A/c Dr.   4,000  
  To Bills Receivable A/c       4,000
  (Being bill sent for collection)        
         
In the books of B (Drawee)
Date   Particulars
L.F. Debit Credit
2019          
Y A/c Dr.   4,000  
  To Bills Payable A/c       4,000
  (Being Bill drawn by X, accepted)        
           
(i) Bills Payable A/c Dr.   4,000  
  To Cash A/c       4,000
  (Being Bill honoured on maturity)        
           
(ii) Bills Payable A/c Dr.   4,000  
  To Bank A/c       4,000
  (Being Bill honoured on maturity)        
           
(iii) Bills Payable A/c Dr.   4,000  
  To Bank A/c       4,000
  (Being Bill honoured on maturity)        
           
(iv) Bills Payable A/c Dr.   4,000  
  To Bank A/c       4,000
  (Being Bill honoured on maturity)        
         

Bills Payable Book | Subsidiary Books | Examples

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

D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.

ISC Accounts 11 20 Image min 197x300 - Question No 07 Chapter No 13 - D.K Goal 11 Class
D K Goel accountancy +1 – ISC_Accounts_11_20_ImageQuestion No 42 Chapter No 11 – D.K Goal 11 Class

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