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.DebitCredit
2018     
Apr.1Arbaz A/cDr. 2,000 
 To Sale A/c   2,000
 (Being goods sold on credit)    
      
Apr.1Bills receivable A/cDr. 2,000 
 To Arbaz A/c   2,000
 (Being bill drawn on arbaz)    
      
Apr.1Naseer A/cDr. 1,000 
 To Bills receivable A/c   1,000
 (Being bill endorsed to Naseer)    
      
Jul.4Bills receivable A/cDr. 1,000 
 To Cash A/c   1,000
 (Being bill paid on Maturity)    
     

 

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

 

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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