Question No 07 Chapter No 14 – Class 11 Unimax

7. Mohan Singh draws a bill on Jagat for ₹ 1,000 payable 2 months after date. Immediately after its acceptance, Mohan Singh sends the bills to his bank for collection. On due date, bank gets the payment.
Make entries in the books of all the parties.

Table of Contents

The solution of Question No 07 Chapter No 14 – UNIMAX Class 11

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

The solution of Question No 07 Chapter No 14 – UNIMAX Class 11

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

1.	Bill receivable A/c	Dr.		1,000
	To Jagat Singh A/c				1,000
	(Being a bill for 2 months on Jagat Singh drawn and accepted)

2.	Bill sent for collection A/c	Dr.		1,000
	To Bill receivable A/c				1,000
	(Being the bill sent to bank for collection)

3.	Bank A/c	Dr.		1,000
	To Bill sent for collection A/c				1,000
	(Being the bill collected by bank on due date)

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

1.	Mohan Singh’s A/c	Dr.		1,000
	To Bill payable A/c				1,000
	(Being the bill for 2 months accepted and returned)

2.	Bill payable A/c	Dr.		1,000
	To Cash A/c				1,000
	(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

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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

Part-II

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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