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Question No 11 A Chapter No 13 – D.K Goal 11 Class

Question No 11 A Chapter No 13
Q-11 A - CH-13 - D.K Goal +1 Book 2020 - Solution

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Question No 11 A Chapter No 13

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Dishonor of a Bill

11.(A) On 1st April, 2016, B accepts a bill drawn by A at three months for 8,000 in payment of debt. On the due date the acceptance is dishonored and A gets the bill noted paying 100. On 4th July, 2016 A draws a new bill payable after 73 days provided interest is paid in cash @ 15% p.a. To this B is agreeable. The bill is met on maturity.
Record these transactions in the Journal of both parties.

The solution of Question No 11 A Chapter No 13: –

In the books of X (Drawer)
Date  Particulars
L.F.DebitCredit
2019     
Apr.1Bills Receivable A/cDr. 8,000 
 To B A/c   8,000
 (Being Y accepted the bill)    
      
Jul. 04B A/cDr. 8,100 
 To Bills Receivable A/c   8,000
 To Cash A/c   100
 (Being Bill dishonoured on the due date and noting charges received)    
      
Jul. 04B A/cDr. 243 
 To Interest A/c   243
 (Being Bill dishonoured on due date and noting charges received)    
      
Jul. 04Cash A/cDr. 243 
 Bills Receivable A/cDr. 8,100 
 To Cash A/c   8,343
 (Being Bill dishonoured on due date and noting charges received )    
      
Sept. 18Cash A/cDr. 8,100 
 To Bills Receivable A/c   8,100
 (Being Bill honoured on maturity)    
     
In the books of Y (Drawee)
Date  Particulars
L.F.DebitCredit
2019     
Apr. 01X A/cDr. 8,000 
 To Bills Payable A/c   8,000
 (Being Bill drawn by X, accepted)    
      
Jul.04Bills Payable A/cDr. 8,000 
 Noting Charges A/cDr. 100 
 To X A/c   8,000
 (Being Bill retired under their bate of @18)    
      
Jul.04Interest A/cDr. 243 
 To A A/c   243
 (Being Interest due to be paid)    
      
Jul.05A  A/cDr. 8,100 
 To Cash A/c   8,100
 (Being Cash paid to X)    
     

Bills Payable Book | Subsidiary Books | Examples

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

D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.

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D K Goel accountancy +1 – ISC_Accounts_11_20_ImageQuestion No 42 Chapter No 11 – D.K Goal 11 Class

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