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

Question No 11 A Chapter No 13

Question No 11 A Chapter No 13

Free Accounting book Solution - Class 11 and Class 12

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

Bills Payable Book | Subsidiary Books | Examples

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.

ISC Accounts 11 20 Image min 197x300 - Question No 11 A Chapter No 13 - D.K Goal 11 Class
D K Goel accountancy +1 – ISC_Accounts_11_20_ImageQuestion No 42 Chapter No 11 – D.K Goal 11 Class

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