# Question No 10 Chapter No 16 – T.S. Grewal 11 Class

Question No.10 - Chapter No.16- T.S. Grewal +1 Book 2019-Solution

Question No 10 Chapter No 16

10. On 10th July 2017, A sold goods to B for 35,000 plus IGST @ 18%. He drew on him a 3 months bill for 35,000 and received a cheque for the balance amount. B accepted the bill. After 10 days, A endorsed the bill to his creditor C. On the due date, acceptance is duly met. Show entries in the books of A, B, and C

The solution of Question No 10 Chapter No 16: –

 Books of A Date Particulars L.F. Debit Credit 2017 July 10 B A/c Dr. 41,300 To Sales A/c 35,000 To Output IGST A/c 6,300 (Being goods sold plus IGST @12) July 10 Bills Receivable A/c Dr. 35,000 Bank A/c Dr. 6,300 Bills Payable A/c 41,300 (Being bill accepted by B and paid IGST by Cheque ) July 20 C A/c Dr. 35,000 To Bills Receivable A/c 35,000 (Being B′s acceptance endorsed in favour of C)

 Books of B Date Particulars L.F. Debit Credit 2017 July 10 Purchases A/c Dr. 35,000 Input IGST A/c Dr. 6,300 To A A/c 41,300 (Being goods bought plus IGST @12) July 10 A  A/c Dr. 41,300 To Bills Payable A/c 35,000 To Bank A/c 6,300 (Being bill accepted by B and paid IGST by Cheque ) Oct 13 Bills Payable A/c Dr. 35,000 To Cash A/c 35,000 (Being payment made of the bills payable)

 Books of C Date Particulars L.F. Debit Credit 2017 July 20 Bills Receivable A/c Dr. 35,000 To A A/c 35,000 (Being bill received from A) Oct 13 Cash A/c Dr. 35,000 To Bills Receivable A/c 35,000 (Being cash received from B)

Bill of exchange (BOE): Meaning and Examples

Comment if you have any question.

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

• Chapter No. 1 – Introduction to Accounting
• Chapter No. 2 – Basic Accounting Terms
• Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
• Chapter No. 4 – Bases of Accounting
• Chapter No. 5 – Accounting Equation
• Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
• Goods and Services Tax(GST)
• Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
• Chapter No. 8 – Journal
• Chapter No. 9 – Ledger
• Chapter No. 10 – Special Purpose Books I – Cash Book
• Chapter No. 11 – Special Purpose Books II – Other Books
• Chapter No. 12 – Bank Reconciliation Statement
• Chapter No. 13 – Trial Balance
• Chapter No. 14 – Depreciation
• Chapter No. 15 – Provisions and Reserves
• Chapter No. 16 – Accounting for Bills of Exchange
• Chapter No. 17 – Rectification of Errors
• Chapter No. 18 – Financial Statements of Sole Proprietorship
• Chapter No. 19 – Adjustments in preparation of Financial Statements
• Chapter No. 20 – Accounts from incomplete Records – Single Entry System
• Chapter No. 21 – Computers in Accounting
• Chapter No. 22 – Accounting Software – Tally
• Chapter No. 5 – Accounting Equation
• Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
• Goods and Services Tax(GST)
• Chapter No. 8 – Journal
• Chapter No. 9 – Ledger
• Chapter No. 10 – Special Purpose Books I – Cash Book