Question No 11 Chapter No 15 - USHA Publication 11 Class

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.

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The solution of Question No 11 Chapter No 15: –

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

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)