Question No 11 Chapter No 16 - T.S. Grewal 11 Class

Question No 11 Chapter No 16

Sending the Bill to Bank for Collection

11. Mohan Singh draws a bill on Jagat for 1,000 payable 2 months after date. Immediately after its acceptance, Mohan Singh sends the bill to his bank for collection. On the due date, the bank gets the payment. Make the entries in the books of all the parties.

The solution of Question No 11 Chapter No 16: –

Books of A
Date	Particulars		L.F.	Debit	Credit

	Bills Receivable A/c	Dr.		1,000
	To Jagat A/c				1,000
	(Being Jagat acceptance was received)
	Bills Sent for Collection A/c	Dr.		1,000
	To Bills Receivable A/c				1,000
	(Being bill receivable sent to the bank for collection )
	Bank A/c	Dr.		1,000
	To Bills Sent for Collection A/c				1,000
	(Being payment of bill receivable by the bank )

Books of B
Date	Particulars		L.F.	Debit	Credit

	Mohan Singh A/c	Dr.		1,000
	To Bills Payable A/c				1,000
	(Being bill accepted by B and paid IGST by Cheque )
	Bills Payable A/c	Dr.		1,000
	To Bank A/c				1,000
	(Being payment made of the bills payable)

Bill of exchange (BOE): Meaning and Examples

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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