Question No 10 Chapter No 15 - USHA Publication 11 Class

Question No 10 Chapter No 15

Table of Contents

The solution of Question No 10 Chapter No 15: –

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

Discounting of Bill

10. Dolly sold goods to Saira for Rs 12,000 on 1st January, 2019. on the same day, Dolly draws three bills of Rs 4,000 each of 3 months duration on Saira, payable 3 months after sight. Saira accepts the bills on 7th January 2019 returns these to Dolly
Dolly discounted the bill on 7th January 2019 second bill on 7th February 2019 and third bill on 7th March 2019. discounting charges are 6% p.a. in all three bills. The bills are duly met on due date.
Pass the necessary journal entries and ledger accounts in the book of Dolly

The solution of Question No 10 Chapter No 15: –

In the books of Dolly(Drawer)
Date	Particulars		L.F.	Debit	Credit
2018
Jan.1	Geeta A/c	Dr.		12,000
	To Sale A/c				12,000
	(Being goods sold on credit)

Jan.7	Bills Receivable A/c	Dr.		12,000
	To Geeta A/c				12,000
	(Being acceptance received on three bill of Rs 4,000 each for 3 months)

Jan.7	Bank A/c	Dr.		3,940
	Discount A/c	Dr.		60
	To Bills Receivable A/c				4,000
	(Being bill discounted @6% p.a.)

Feb.7	Bank A/c	Dr.		3,960
	Discount A/c	Dr.		40
	To Bills Receivable A/c				4,000
	(Being bill discounted @9% p.a.)

Mar.7	Bank A/c	Dr.		3,980
	Discount A/c	Dr.		20
	To Bills Receivable A/c				4,000
	(Being bill discounted @6% p.a.)

Dr.	Geeta A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2019				2019
Jan. 1	To Sale A/c		12,000	Jan. 7	By Bill Receivable A/c		12,000

			12,000				12,000

Dr.	Capital A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
2019				2019
Jan. 1	To Geeta A/c		12,000	Jan. 7	By Bank A/c		3,940
				Jan. 7	By Discount A/c		60
				Feb. 7	By Bank A/c		3,960
				Feb. 7	By Discount A/c		40
				Mar. 7	By Bank A/c		3,980
				Mar. 7	By Discount A/c		20
			12,000				12,000