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Question No 09 Chapter No 14 – Class 11 Unimax

Question No 09 Chapter No 14 – Class 11 Unimax
Question No 09 Chapter No 14 – Class 11 Unimax

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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

Journal for Mr. ‘X’ (Drawer)
DateParticulars
L.F.DebitCredit
2019     
Oct.1Y’s A/cDr. 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.1Bill receivable (No.1) A/cDr. 15,000 
 Bill receivable (No.2) A/cDr. 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.1Bill sent for collection A/cDr. 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.1Y’s A/cDr. 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)   

Read the full article to know the meaning of Cash Book

Bill of Exchange (BOE): Meaning and Examples

Also, Check out the same article in Hindi from the following link

Bill of Exchange (BOE): Meaning and Examples

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

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

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

  • 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 

Check out T.S. Grewal +1 Book 2019 @ Oficial Website of Sultan Chand Publication

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