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

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## 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)