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Question No 12 Chapter No 16 – T.S. Grewal 11 Class

Question No 12 Chapter No 16
Question No.12 - Chapter No.16- T.S. Grewal +1 Book 2019-Solution

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Question No 12 Chapter No 16

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Different Uses of Bills Receivable

12. X draws on Y a bill for 4,000 which was duly accepted by Y. Y meets the bill on its due date. Show what entries would be passed in the books of X under each of the following circumstances:
a If X retains the bill till due date.
b If X discounts the same with his banker paying 100 for a discount.
c If X endorses the same to his creditor Z in full settlement of his debt of 4,080.
d If X sends the bill to his banker for collection the next day.

The solution of Question No 12 Chapter No 16: – 


Books of X
Date  Particulars
L.F.DebitCredit
      
 Bills Receivable A/cDr. 4,000 
 To Y A/c   4,000
 (Being y’s accepted was received )    
 Cash A/cDr. 4,000 
 To Bills Receivable A/c   4,000
 (Being cash received on bills receivable)   
     

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Books of X
Date  Particulars
L.F.DebitCredit
      
 Bills Receivable A/cDr. 4,000 
 To Y A/c   4,000
 (Being y’s accepted was received )   
 Bank A/cDr. 3,900 
 Discount Charges A/cDr. 100 
 To Bank A/c   4,000
 (Being cash received on bills receivable)   
     

 

 


Books of X
Date  Particulars
L.F.DebitCredit
      
 Bills Receivable A/cDr. 4,000 
 To Y A/c   4,000
 (Being y’s accepted was received )   
 Z A/cDr. 4,080 
 To Discount Received A/c   80
 To Bills Receivable A/c   4,000
 (Being Y′s acceptance endorsed in favour of Z and discount allowed by Z is Rs 80)   
     

 


Books of X
Date  Particulars
L.F.DebitCredit
      
 Bills Receivable A/cDr. 4,000 
 To Y A/c   4,000
 (Being y’s accepted was received )   
 Bills Receivable A/cDr. 4,000 
 To Bills Receivable A/c   4,000
 (Being Y′s acceptance sent to the bank for collection)   
 Bank A/c 4,000 
 To Bills Sent for Collection A/c  4,000
 (Being Y′s acceptance to maturity)   

 

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

Check out T.S. Grewal +1 Book 2019 @ Official Website of Sultan Chand Publication

T.S. Grewal's Double Entry Book Keeping

T.S. Grewal’s Double Entry Book Keeping

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