Question No 10 Chapter No 15

Question No 10 Chapter No 15

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.DebitCredit
2018     
Jan.1Geeta A/cDr. 12,000 
 To Sale A/c   12,000
 (Being goods sold on credit)    
      
Jan.7Bills Receivable A/cDr. 12,000 
 To Geeta A/c   12,000
 (Being acceptance received on three bill of Rs 4,000 each for 3 months)   
     
Jan.7Bank A/cDr. 3,940 
 Discount A/cDr. 60 
 To Bills Receivable A/c   4,000
 (Being bill discounted @6% p.a.)    
      
Feb.7Bank A/cDr. 3,960 
 Discount A/cDr. 40 
 To Bills Receivable A/c   4,000
 (Being bill discounted @9% p.a.)    
      
Mar.7Bank A/cDr. 3,980 
 Discount A/cDr. 20 
 To Bills Receivable A/c   4,000
 (Being bill discounted @6% p.a.)    
     

 

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

 

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

 

 

Bills Receivable Book | Subsidiary Books | Examples

 

Bills Payable Book | Subsidiary Books | Examples

 


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

 

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

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

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