Question No 10 Chapter No 14 – Class 11 Unimax

10. On 1st July,2019, Chander sold goods to Dinesh of the list price of ₹ 5,000 at 20% trade discount and on the same day drew a bill on Dinesh for the amount due payable after three months. Dinesh accepted the bill. On 4th September 2019, Dinesh retries his acceptance, receiving a rebate of 15% p.a. Pass entries in the books of both the parties.

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The solution of Question No 10 Chapter No 14 – UNIMAX Class 11

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

The solution of Question No 10 Chapter No 14 – UNIMAX Class 11

Journal for Mr. ‘Chander’ (Drawer)
Date	Particulars		L.F.	Debit	Credit
2019
July 1	Dinesh A/c	Dr.		4,000
	To Sales A/c				4,000
	(Being goods sold to Dinesh @ 20% trade discount)

July 1	Bill receivable A/c	Dr.		4,000
	To Dinesh A/c				4,000
	(Being the bill for 3 months drawn and accepted)

Sep.4	Cash A/c	Dr.		3,950
	Rebate A/c	Dr.		50
	To Bill receivable A/c				4,000
	(Being the bill retired by Dinesh @ 15% p.a. before one month)

Journal for Mr. ‘Dinesh’ (Drawee)
Date	Particulars		L.F.	Debit	Credit
2019
July 1	Purchases A/c	Dr.		4,000
	To Chander A/c				4,000
	(Being the goods purchased on credit)

July 1	Chander A/c	Dr.		4,000
	To Bill payable A/c				4,000
	(Being the bill for 3 months accepted and returned)

Sep.4	Bill payable A/c	Dr.		4,000
	To Cash A/c				3,950
	To Rebate A/c				50
	(Being the bill retired under a rebate of 15% p.a. for one month)

Read out the full article to know the meaning of Cash Book

Bill of exchange (BOE): Meaning and Examples

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Bill of exchange (BOE): Meaning and Examples

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

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

Chapter No. 1 – Introduction of Accounting
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Vouchers and Transactions
Chapter No. 4 – Journal
Chapter No. 5 – Goods and Services Tax (GST): An Introduction
Chapter No. 6 – Ledger
Chapter No. 7 – Special Purpose Book – Cash Book
Chapter No. 8 – Other Subsidiary Books
Chapter No. 9 – Trial Balance
Chapter No. 10 – Rectification of Errors
Chapter No. 11 – Depreciation
Chapter No. 12 – Provision and Reserves
Chapter No. 13 – Bank Reconciliation Statement
Chapter No. 14 – Bills of Exchange

Students may choose only one part from the Part II and Part III

Part-II

Chapter No. 15 – Financial Statements (Without Adjustments)
Chapter No. 16 – Financial Statements (With Adjustments)
Chapter No. 17 – Accounts from Incomplete Records – Single Entry System

Part-III

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Chapter No. 18 – Introduction to Computers and Accounting information System
Chapter No. 19 – Computerised Accounting
Chapter No. 20 – Accounting Software: Tally
Chapter No. 21 – Data Base System
Chapter No. 22 – Concept of Entity and Relationship