Question No 10 Chapter No 13 – D.K Goal 11 Class

Question No 10 Chapter No 13

Question No 10 Chapter No 13

Free Accounting book Solution - Class 11 and Class 12

Dishonor of a Bill

10. On 17th April, 2018, X sold goods to Y for 80,000 and draws a bill for 2 months upon Y for the amount due. Y accepted the bill and returned it to X. On due date the bill became dishonoured and X paid 400 as Noting Charges. Fifteen days later Y pays the amount due to X. Pass Journal entries in the books of both the parties.

The solution of Question No 10 Chapter No 13: –

In the books of X (Drawer)
Date   Particulars
L.F. Debit Credit
2019          
Apr.17 Y A/c Dr.   89,600  
  To Sale A/c       80,000
  To Output CGST A/c       4,800
  To Output SGST A/c       4,800
  (Being Goods sold to Y plus CGST and SGST 6%)        
           
Apr.17 Bills Receivable A/c Dr.   89,600  
  To Y A/c       89,600
  (Being Y accepted the bill)        
           
Jun.20 Y A/c Dr.   90,000  
  To Bills Receivable A/c       89,600
  To Cash A/c       400
  (Being Bill dishonoured on the due date and noting charges received)        
           
Jul.05 Cash A/c Dr.   90,000  
  To Y A/c       90,000
  (Being Cash received from Y)        
         
In the books of Y (Drawee)
Date   Particulars
L.F. Debit Credit
2019          
Apr.17 Purchases A/c Dr.   80,000  
  Input CGST A/c Dr.   4,800  
  Input SGST A/c Dr.   4,800  
  To X A/c       89,600
  (Being Goods purchased from X)        
           
Apr.17 X A/c Dr.   89,600  
  To Bills Payable A/c       89,600
  (Being Bill drawn by X, accepted)        
           
Jun.20 Bills Payable A/c Dr.   89,600  
  Noting Charges A/c Dr.   400  
  To X A/c       90,000
  (Being Bill retired under their bate of @18)        
           
Jul.05 X A/c Dr.   90,000  
  To Y A/c       90,000
  (Being Cash paid to X)        
         

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

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ISC Accounts 11 20 Image min 197x300 - Question No 10 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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