Question No 08 Chapter No 15 - USHA Publication 11 Class

Question No 08 Chapter No 15

Table of Contents

The solution of Question No 07 Chapter No 15: –

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

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 )