Question No 09 Chapter No 13

Question No 09 Chapter No 13

Retiring a Bill under Rebate

09. Record the following transaction in the books of Mohan:
(i) Mohan retired his acceptance to Suresh for 10,000 before due date and earned rebate of 200
(ii) One month before maturity Rajesh informed Mohan that he wants to Make payment of his acceptance amounting Rs 8,000 immediately, to which Mohan agreed and also allowed him a rebate @15% p.a.

The solution of Question No 09 Chapter No 13: –

In the books of Mohan(Drawer)
Date  Particulars
L.F.DebitCredit
2019     
(i)Cash A/cDr. 9,800 
 Rebate A/cDr. 200 
 To Bills Receivable A/c   10,000
 (Being Bill retired under the rebate)    
      
(ii)Cash A/cDr. 9,875 
 Rebate A/cDr. 125 
 To Bills Receivable A/c   10,000
 (Being Bill retired under the rebate of @15)    
     

Working Note: –

Calculation of Discounting Charges

Amount of Rebate=10,00015X1
10012
       
 =Rs 125    

Bills Payable Book | Subsidiary Books | Examples

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

D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.

ISC Accounts 11 20 Image min 197x300 - Question No 09 Chapter No 13 - D.K Goal 11 Class
D K Goel accountancy +1 – ISC_Accounts_11_20_ImageQuestion No 42 Chapter No 11 – D.K Goal 11 Class

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