Question No 08 Chapter No 14 – Class 11 Unimax

8. On 1st October,2019, X sells goods to Y for ₹ 8,000. On that date, Y accepted a bill drawn upon him by X at 2 months for ₹ 8,000. X retains the bill till due date and on due date sends the bill to the banker for collection. In due course, X receives the information from the bank that the bill has been duly met. Pass journal entries in the books of X and Y.

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The solution of Question No 08 Chapter No 14 – UNIMAX Class 11

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

The solution of Question No 08 Chapter No 14 – UNIMAX Class 11

Journal for Mr. ‘X’ (Drawer)
Date	Particulars		L.F.	Debit	Credit
2019
Oct.1	Y’s A/c	Dr.		8,000
	To Sales A/c				8,000
	(Being goods sold on credit)

Oct.1	Bill receivable A/c	Dr.		8,000
	To Y’s A/c				8,000
	(Being the bill for 2months drawn and accepted)

Dec.1	Bill sent for collection A/c	Dr.		8,000
	To Bill receivable A/c				8,000
	(Being the bill sent to bank for collection)

Dec.1	Bank A/c	Dr.		8,000
	To Bill sent for collection A/c				8,000
	(Being the bill collected by bank on due date)

Journal for Mr. ‘Y’ (Drawee)
Date	Particulars		L.F.	Debit	Credit
2019
Oct.1	Purchases A/c	Dr.		8,000
	To X’s A/c				8,000
	(Being the goods purchased on credit)

Oct.1	X’s A/c	Dr.		8,000
	To Bill payable A/c				8,000
	(Being the bill for 2 months accepted and returned)

Dec.1	Bill payable A/c	Dr.		8,000
	To Cash A/c				8,000
	(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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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

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

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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