Question No 10 Chapter No 15 – USHA Publication 11 Class

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. 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

 

 

Bills Receivable Book | Subsidiary Books | Examples

 

Bills Payable Book | Subsidiary Books | Examples

 


Thanks, Please Like and share with your friends  

Comment if you have any question.

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

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Vouchers and transactions

Chapter No. 4 – Journal

Chapter No. 5 – Ledger

Chapter No. 6 – Cash Book

Chapter No. 7 – Other Subsidiary Books

Chapter No. 8 – Journal Proper

Chapter No. 9 – Trial Balance 

Chapter No. 10 – Bank Reconciliation Statement

Chapter No. 11 – Depreciation

Chapter No. 12 – Provisions and Reserves 

Chapter No. 13 – Bills of Exchange

Chapter No. 14 – Rectification of Errors 

Chapter No. 15 – Financial Statements – (Without Adjustments)

Chapter No. 16 – Financial Statements – (With Adjustments)

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.