
Question No 08 Chapter No 15
Discounting of Bill
8. On 1st July 2018, ram sold goods to Manoj Rs 2,000. on the same date. Manoj accepted a bill drawn upon him by Ram at 3 months for Rs 2,000. Ram got the bill discounted at 6 per cent per annum at his bank. On the due date , Manoj paid the required amount under the bill.
The solution of Question No 07 Chapter No 15: –
In the books of Ram(Drawer) |
|||||
Date | Particulars |
L.F. | Debit | Credit | |
2018 | |||||
July.1 | Manoj A/c | Dr. | 2,000 | ||
To Sale A/c | 2,000 | ||||
(Being goods sold on credit) | |||||
July.1 | Bills Receivable A/c | Dr. | 2,000 | ||
To Manoj A/c | 2,000 | ||||
(Being acceptance received for 3 months) | |||||
July.1 | Bank A/c | Dr. | 1,970 | ||
Discount A/c | Dr. | 30 | |||
To Bills Receivable A/c | 2,000 | ||||
(Being bill received on maturity date ) | |||||
In the books of Manoj (Drawee) |
|||||
Date | Particulars |
L.F. | Debit | Credit | |
2018 | |||||
July.1 | Purchase A/c | Dr. | 2,000 | ||
To Ram A/c | 2,000 | ||||
(Being purchases goods on credit) | |||||
July.1 | Ram A/c | Dr. | 2,000 | ||
To Bills Payable A/c | 2,000 | ||||
(Being acceptance given for 60 days) | |||||
Oct. 4 | Bills Payable A/c | Dr. | 2,000 | ||
To Cash A/c | 2,000 | ||||
(Being bill paid on maturity date ) | |||||
Bills Receivable Book | Subsidiary Books | Examples
Bills Payable Book | Subsidiary Books | Examples
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Also, Check out the solved question of all Chapters: –
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Vouchers and transactions
Chapter No. 4 – Journal
Chapter No. 5 – Ledger
Chapter No. 6 – Cash Book
Chapter No. 7 – Other Subsidiary Books
Chapter No. 8 – Journal Proper
Chapter No. 9 – Trial Balance
Chapter No. 10 – Bank Reconciliation Statement
Chapter No. 11 – Depreciation
Chapter No. 12 – Provisions and Reserves
Chapter No. 13 – Bills of Exchange
Chapter No. 14 – Rectification of Errors
Chapter No. 15 – Financial Statements – (Without Adjustments)
Chapter No. 16 – Financial Statements – (With Adjustments)