Question No 09 Chapter No 14 – Class 11 Unimax

9.(when the bill is for collection). On 1st October 2019, X sells goods to Y for ₹ 25,000 plus IGST @ 18% and draws two bills of exchange on him: the first for ₹ 15,000 for 2 months and the second for the balance for 3 months. Y accepts and returns these bills to X. Both the bills are sent to the bank for collection. In due course, X receives the information from the bank that the bill for ₹ 15,000 has been duly met and the other bill has been dishonoured. Nothing charges paid on the dishonoured of the second bill are ₹ 500.
Pass journal entries in the books of X.

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The solution of Question No 09 Chapter No 14 – UNIMAX Class 11

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

The solution of Question No 09 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.		29,500
	To Sales A/c				25,000
	To Output IGST A/c				4,500
	(Being the inter-state sale of goods to Y, charged IGST @ 18%)

Oct.1	Bill receivable (No.1) A/c	Dr.		15,000
	Bill receivable (No.2) A/c	Dr.		14,500
	To Y’s A/c				29,500
	(Being the two bills acceptance- one for ₹ 15,000 and other for ₹ 14,500 received)

Dec.1	Bill sent for collection A/c	Dr.		29,500
	To Bill receivable (No.1) A/c				15,000
	To Bill receivable (No.2) A/c				14,500
	(Being the bill sent to bank for collection)

2020
Jan.1	Y’s A/c	Dr.		15,000
	To Bill sent for collection A/c				14,500
	To Bank A/c				500
	(Being the second bill dishonoured and bank paid ₹ 500 as noting charges)