Question No 12 Chapter No 15 – USHA Publication 11 Class

Question No 12 Chapter No 15

Question No 12 Chapter No 15

Endorsement of Bill

12. Sohal sold goods to Arbaz for Rs 2,000 on 1st April 2017. Arbaz accepts two bills of Rs 1,000 each for three months. Sohail endorses one bill to Naseer. On the due date, both bills are met.
Pass entries in the books of Sohail and Arbaz.

The solution of Question No 12 Chapter No 15: –

In the books of Sohail(Drawer)
Date   Particulars
L.F. Debit Credit
2018          
Apr.1 Arbaz A/c Dr.   2,000  
  To Sale A/c       2,000
  (Being goods sold on credit)        
           
Apr.1 Bills receivable A/c Dr.   2,000  
  To Arbaz A/c       2,000
  (Being bill drawn on arbaz)        
           
Apr.1 Naseer A/c Dr.   1,000  
  To Bills receivable A/c       1,000
  (Being bill endorsed to Naseer)        
           
Jul.4 Bills receivable A/c Dr.   1,000  
  To Cash A/c       1,000
  (Being bill paid on Maturity)        
         

 

In the books of Arbaz(Drawer)
Date   Particulars
L.F. Debit Credit
2018          
Apr.1 Purchases A/c Dr.   2,000  
  To Sohail A/c       2,000
  (Being purchases goods on credit)        
           
Aug.7 Cash A/c Dr.   2,000  
  To Bills Receivable A/c       2,000
  (Being bill received from Sohial )        
           
Jul.7 Bills payable A/c Dr.   2,000  
  To Cash A/c       2,000
  (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: –

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Vouchers and transactions

Chapter No. 4 – Journal

Chapter No. 5 – Ledger

Chapter No. 6 – Cash Book

Chapter No. 7 – Other Subsidiary Books

Chapter No. 8 – Journal Proper

Chapter No. 9 – Trial Balance 

Chapter No. 10 – Bank Reconciliation Statement

Chapter No. 11 – Depreciation

Chapter No. 12 – Provisions and Reserves 

Chapter No. 13 – Bills of Exchange

Chapter No. 14 – Rectification of Errors 

Chapter No. 15 – Financial Statements – (Without Adjustments)

Chapter No. 16 – Financial Statements – (With Adjustments)

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