Question No 11 Chapter No 15 – USHA Publication 11 Class

Question No 11 Chapter No 15

Question No 11 Chapter No 15

Discounting of Bill

11. Renuka owes Vipasha Rs 4,000. on 1st May 2017, Vipasha receives an acceptance at three months for the amount due. Vipasha gets, the bill discounted from the bank on 1st July 2017 @6% p.a. on the due date, the bill was duly honoured by Renuka
Give journals entries in the books of Renuka, Vipasha and Bank.

The solution of Question No 11 Chapter No 15: –

In the books of Renuka(Drawer)
Date   Particulars
L.F. Debit Credit
2018          
May.1 Vipasha A/c Dr.   4,000  
  To Bills Payable A/c       4,000
  (Being acceptance given for three months)        
           
Aug.7 Bills Payable A/c Dr.   4,000  
  To Cash A/c       4,000
  (Being bill paid on Maturity)      
         

 

In the books of Vipasha (Drawer)
Date   Particulars
L.F. Debit Credit
2018          
May.1 Bill Receivable A/c Dr.   4,000  
  To Renuka A/c       4,000
  (Being acceptance given for three months)        
           
Aug.7 Cash A/c Dr.   4,000  
  To Bills Receivable A/c       4,000
  (Being bill paid on Maturity)      
         

Note: if the discounted bill is honoured on due date by drawere, no entry will be received in drawer’s books on the sate of Maturity

In the books of Bank (Payee)
Date   Particulars
L.F. Debit Credit
2018          
Jul.1 Bill Receivable A/c Dr.   4,000  
  To Vipasha A/c       3,980
  To Discount A/c       20
  (Being acceptance given for three months)        
           
Aug.7 Cash A/c Dr.   4,000  
  To Bills Receivable A/c       4,000
  (Being bill paid on Maturity)      
         

 

 

Bills Receivable Book | Subsidiary Books | Examples

 

Bills Payable Book | Subsidiary Books | Examples

 


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

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)

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