Question No 08 Chapter No 13 – D.K Goal 11 Class

Question No 08 Chapter No 13

Question No 08 Chapter No 13

Free Accounting book Solution - Class 11 and Class 12

Sending the Bill to Bank for Collection

08. On January 1,2018 Ajay sold goods to Balbir for Rs 10,000 at a discount of 20%. On that date, Balbir acceptance a bill drawn on him by Ajay for Rs 8,000 payable 3 months after Sight. Having surplus funds, Balbir paid off the bill on 4th March 2018 and was allowed a rebate of 18% per annum. Show journal entries in the books of Ajay and Balbir.

The solution of Question No 08 Chapter No 13: –

In the books of Ajay (Drawer)
Date   Particulars
L.F. Debit Credit
2019          
Jan.01 Balbir A/c Dr.   8,000  
  Discount A/c Dr.   2,000  
  To Y A/c       10,000
  (Being Goods sold to Balbir)        
           
Jan.01 Sent for Collection A/c Dr.   8,000  
  To Balbir A/c       8,000
  (Being Bill accepted by Balbir)        
           
Mar.04 Cash A/c Dr.   7,880  
  Rebate A/c Dr.   120  
  To Bills Receivable A/c       8,000
  (Being Bills sent to bank for Discount)        
         
In the books of Balbir (Drawee)
Date   Particulars
L.F. Debit Credit
2019          
Jan. 01 Purchases A/c Dr.   4,000  
  To Ajay A/c       4,000
  (Being Goods purchased from Ajay)        
           
Jan. 01 Ajay A/c Dr.   4,000  
  To Bills Payable A/c       4,000
  (Being Bill drawn by Ajay, accepted)        
           
Mar. 04 Bills Payable A/c Dr.   8,000  
  To Cash A/c       7,880
  To Rebate A/c       120
  (Being Bill retired under there bate of @18)        
         

Working Note: –

Calculation of Discounting Charges

Amount of Rebate = 8,000 18 X 1
100 12
             
  = Rs 120        

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

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ISC Accounts 11 20 Image min 197x300 - Question No 08 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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