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

Question No 10 Chapter No 13
Q-10 - CH-13 - D.K Goal +1 Book 2020 - Solution

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Question No 10 Chapter No 13

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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.DebitCredit
2019     
Apr.17Y A/cDr. 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.17Bills Receivable A/cDr. 89,600 
 To Y A/c   89,600
 (Being Y accepted the bill)    
      
Jun.20Y A/cDr. 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.05Cash A/cDr. 90,000 
 To Y A/c   90,000
 (Being Cash received from Y)    
     
In the books of Y (Drawee)
Date  Particulars
L.F.DebitCredit
2019     
Apr.17Purchases A/cDr. 80,000 
 Input CGST A/cDr. 4,800 
 Input SGST A/cDr. 4,800 
 To X A/c   89,600
 (Being Goods purchased from X)    
      
Apr.17X A/cDr. 89,600 
 To Bills Payable A/c   89,600
 (Being Bill drawn by X, accepted)    
      
Jun.20Bills Payable A/cDr. 89,600 
 Noting Charges A/cDr. 400 
 To X A/c   90,000
 (Being Bill retired under their bate of @18)    
      
Jul.05X A/cDr. 90,000 
 To Y A/c   90,000
 (Being Cash paid to X)    
     

Bills Payable Book | Subsidiary Books | Examples

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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.

D K goel accountancy +1 - ISC_Accounts_11_20_Image-min
D K Goel accountancy +1 – ISC_Accounts_11_20_ImageQuestion No 42 Chapter No 11 – D.K Goal 11 Class

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