Question No 08 Chapter No 15 – USHA Publication 11 Class

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

 

Thanks, Please Like and share with your friends  

Comment if you have any question.

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

Chapter No. 1 – Introduction

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)